SEC publishes 2025 staff report to Congress on small business capital-raising dynamics

The U.S. Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation published and delivered to Congress its 2025 staff report, a data-focused resource on nationwide capital-raising dynamics and the small business marketplace. The report presents capital formation data across three company lifecycle stages, covering small and emerging businesses, mature and later-stage businesses, and initial public offerings and small public companies. It also summarizes the office’s outreach and public engagements during fiscal year 2025 and the activities of the SEC’s Small Business Capital Formation Advisory Committee in fiscal year 2025, and notes that feedback from ongoing outreach informs updates to the office’s educational resources for small businesses and investors.