The Role of the SBA Office of Investment and Innovation in Powering America’s Small Businesses

The House Committee on Small Business held a hearing on June 26, 2026, focused on the role of the Small Business Administration's (SBA) Office of Investment and Innovation (OI) in supporting America's small businesses through capital access, innovation, and commercialization programs. Associate Administrator Joshua Carter testified about the SBA's flagship Small Business Investment Company (SBIC) program, which in fiscal year 2025 closed with a record $53 billion in combined private capital and SBA leverage, supporting over 10 million jobs since 1995. The committee discussed recent legislative enhancements such as the Investing in All America Act, which increased leverage limits to incentivize investments in critical technologies, rural areas, and manufacturing. The hearing also addressed challenges including delays in reporting on SBIC and Small Business Innovation Research (SBIR) program data, the recent lapse and reauthorization of the SBIR program, and the cancellation of regional innovation clusters (RICKs) that previously supported small businesses. Members expressed concerns about transparency and the impact of program changes on small businesses, especially in underserved regions like the Northern Mariana Islands. The SBA emphasized efforts to streamline regulations, improve data reporting, and leverage artificial intelligence to enhance program management. Questions also covered the SBA's response to economic challenges such as tariffs and rising costs affecting small manufacturers. Overall, the hearing highlighted the SBA's critical role in mobilizing private capital through public-private partnerships to foster innovation and economic growth among small businesses nationwide, while underscoring the need for improved oversight, transparency, and equitable access to funding opportunities.