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Small Business Advocate Releases Annual Report for Fiscal Year 2020


Washington D.C., Dec. 18, 2020 —

The SEC’s Office of the Advocate for Small Business Capital Formation issued its Annual Report for Fiscal Year 2020 today.  The report provides comprehensive data on the state of small business capital formation, a summary of the Office’s activities in supporting small business and their investors, and policy recommendations from the Office.

“This year has brought unprecedented challenges for small businesses and their investors that cast a brighter spotlight on the racial inequities that permeate our society,” said Office Director Martha Legg Miller. “While I am optimistic about the entrepreneurs who envision new companies borne out of this pandemic, I am also keenly aware of the present day needs of the myriad of small businesses working to navigate a winding path out of this COVID-19 maze.  The report provides meaningful information on the state of capital formation and begins an exploration of the impacts of the COVID-19 pandemic.  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.”

In addition to the impacts of the COVID-19 pandemic, the report spotlights the unique challenges faced by minority-owned, women-owned, rural, and natural disaster area small businesses and their investors.  The report also provides a retrospective of the Office’s fiscal year, including multiple engagements with small businesses and their investors—including a shift to all virtual events—which are designed to bring diverse voices and perspectives to the SEC on small business capital formation issues.

To provide the public an opportunity to ask live questions about the report and the state of capital formation, the Office plans to host its second annual Capital Call on February 4, 2021.  Styled after public companies’ earnings release calls, the virtual meeting will cover the content of the report and give the public a chance to weigh in and ask questions.


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