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Small Business Advocate Releases First Annual Report


Washington D.C., Dec. 19, 2019 —

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today released its inaugural Annual Report for Fiscal Year 2019. The report is available for download here.

The office is the SEC’s newest, having launched operations in January 2019. The report provides a retrospective of the office’s first year, including engagements with small businesses and investors across the country designed to bring their voices and perspectives to the SEC on small business capital formation issues.

The report also features data on the state of U.S. small business capital formation as well as policy recommendations from the office.

“I am so proud of the work of our team building the office this year, and this report tells that story,” said office Director Martha Legg Miller. “The market has asked for data, and this report provides meaningful information on the state of small business capital formation to help evaluate the current flow of investment capital between small businesses and investors. The report also sets forth policy recommendations proposed as pragmatic and principles-based solutions to issues voiced to our office by small businesses and their investors, from start-up to small cap.”


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