Small Business Capital Formation Reports
Staff Reports
In lieu of the Office’s annual report issued at the direction of the Advocate, the Commission voted to release a report prepared by staff in the Office. This Staff Report presents data across three company lifecycle stages to provide a fulsome picture of what is happening in the small business marketplace, highlights the Office’s work, and summarizes the work of the Small Business Capital Formation Advisory Committee.
Annual Reports
The Office, at the direction of the Advocate, delivers an annual report to Congress and the Commission by December 31 of each year. The reports provide a comprehensive resource on the dynamics of capital raising across the country, including: data on capital formation; the Office’s policy recommendations; highlights of the Office’s advocacy work; and a summary of the Small Business Capital Formation Advisory Committee’s work.
Forum Reports
The Office hosts the SEC’s annual Small Business Forum, where members of the public and private sectors gather to provide feedback to improve capital-raising policy for startups to smaller public companies and their investors. Following the Forum, the Commission delivers a report to Congress that includes a summary of the proceedings and recommendations for changes needed to the capital-raising framework.
Research Reports
The Office sponsors research on key trends in capital raising.
- VC Funds and Regulation D's Rule 506(c): Did Permitting General Solicitation Open the Door for Emerging and Underrepresented Managers? | by Sabrina T. Howell, Ph.D, and Dean Parker
- Women and Minority-Owned Businesses in Regulation Crowdfunding | by Melody Chang, PhD
- Rural Entrepreneurship and the Challenges Accessing Financial Capital: An Overview of Funding in Rural America | by Alicia Robb, Ph.D
Last Reviewed or Updated: Jan. 9, 2026