The U.S. Small Business Administration (the “SBA”) has announced that the Small Business Investment Company (“SBIC”) draw application schedule has been revised for the end of 2022. The SBA stated that these changes were made to allow for funding availability during the holiday season and that no other changes have been made to the draw application schedule beyond the end of this year.
Beginning with the second cycle in November, the draw application cycle will be revised for the remainder of 2022 as follows:
| Draw Application Cycle | Application Filing Deadline | Approval Notice Issue Date |
| 2nd Cycle in November | Tuesday, 11/15/2022 | Tuesday, 11/22/2022 |
| 1st Cycle in December | Wednesday, 11/30/2022 | Wednesday, 12/7/2022 |
| 2nd Cycle in December | Wednesday, 12/14/2022 | Wednesday, 12/21/2022 |
The SBIC draw application is the process by which an SBIC requests
to draw funds against the SBA's commitment to guarantee
leverage to such SBIC. Typically, draw application filing deadlines
are on the first and third Wednesday of each month. The SBA
generally will provide notice approving such a request by the
Wednesday following the draw application deadline. The SBIC then
has 58 days from the date it receives such notice to pull down the
approved funds.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
