Press Release: CBD Commends SEC’s Ongoing Commitment to Main Street Business

FOR IMMEDIATE RELEASE                                                                                             

DATE: March 3, 2021                     

Contact: press@coalitionforbusinessdevelopment.com

CBD Commends SEC’s Ongoing Commitment to Main Street Business

SEC’s latest extension of no-action guidance will allow BDCs to provide Main Street support through the end of the year

WASHINGTON – The Coalition for Business Development (CBD) applauded the Securities and Exchange Commission’s (SEC) latest move to ensure business development companies (BDCs) can continue to provide financial support to Main Street businesses during the ongoing pandemic. This update to the SEC’s guidance providing no-action relief enables BDCs to more efficiently enter into co-investments with their affiliates through March 31, 2022 – an extension from the previous March 31, 2021 end date.

“The Coalition for Business Development very much appreciates the SEC’s leadership and commitment to working with the BDC industry to continue to support Main Street businesses during one of the most difficult economic periods in recent history,” said David Cohen, Executive Director of the Coalition for Business Development. “The extension of the no-action relief for co-investment provides additional opportunities for BDCs to help small- and mid-sized business owners hire, grow, and rebuild as the pandemic continues. We hope the Commission will continue to consider permanent systemic revisions to the co-investment process so this type of work can occur seamlessly.”

The recent announcement from the SEC comes after months of collaboration between the SEC and CBD to secure this extension.

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CBD is a member-driven, Washington-based trade association that advocates exclusively on behalf of BDCs to expand their ability to provide necessary growth capital to small- and middle-market Main Street businesses so they can expand, invest, and create jobs.