S. 1917 — Investing in All of America Act of 2025

This section revises the definition of "private capital" for small business investment companies (SBICs)—licensed by the Small Business Administration (SBA) to make equity and other investments in small businesses using SBA-guaranteed debentures—and modifies SBIC maximum leverage limits under the Small Business Investment Act of 1958. Specifically, it (1) expands the definition to include funds from college or university foundations, endowments, or trusts and excludes all government-derived funds used for leverage approval (except specified pension plans and similar); (2) decreases the maximum leverage ratio to 200 percent of private capital (from 300 percent) and sets new outstanding leverage caps of $175 million for SBICs making quarterly or semiannual interest payments (adjusted annually for inflation per new subparagraph (E)) or $175 million for other SBICs, with aggregate commonly controlled caps of $350 million (previously $350 million without distinctions); (3) expands leverage exclusions to investments in small businesses located in low-income or rural areas (new), operating primarily in covered technology categories (as defined in 10 U.S.C. 149, i.e., critical technologies prioritized by the Department of Defense Office of Strategic Capital), or qualifying as small manufacturers (new), subject to a limit of the lesser of 50 percent of private capital or $125 million and applicable prospectively after enactment; and (4) requires annual inflation adjustments (based on the Consumer Price Index) to the $175 million and $350 million caps effective upon enactment (using base periods ending on enactment date), excluding SBICs authorized to issue accrual debentures.