The Small Business Advocate Act of 2016 established the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission. That Act requires an annual report of statistical information and substantive analysis. That annual report was recently released. Perhaps a bit late because Stacey Bowers, who served as the Advocate throughout Fiscal Year 2025, left the SEC in October 2025 to go back into private practice.
The report is full of great data.
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