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SEC Small Business Advocacy Office Delivers Report to Congress on Capital Raising from Startups to Small Public Companies


Washington D.C., Dec. 14, 2023 —

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2023 Annual Report today to Congress and the Commission. The report details how entrepreneurs and investors are building companies together, from startups to small public companies.

The report is a comprehensive resource on the dynamics of capital raising in communities across the country. Its contents include:

  • Data on small business capital formation, broken down by:
    • Small and emerging businesses
    • Mature and later-stage businesses
    • Initial public offerings and small public companies
    • Women founders and investors
    • Diverse founders and investors
    • Natural disaster areas
    • Rural communities
  • Policy recommendations from the Office
  • Highlights of the Office’s advocacy work and public engagements from fiscal year 2023
  • Small Business Capital Formation Advisory Committee’s fiscal year 2023 summary of activities

The independent advocacy Office works to help advance the interests of small businesses and their investors. Based on feedback received through the team’s continuous public outreach, the Office has developed educational resources to help equip small businesses and their investors with tools to navigate capital raising. Throughout its activities, the Office proactively works to identify and address unique challenges faced by diverse founders and their investors.

On Jan. 30, 2024, the Office will host its fifth annual Capital Call event, during which the public can ask questions about the report and share perspectives on capital raising. Registration for the Capital Call will open in January.


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