The Small Business Capital Formation Advisory Committee (SBCFAC) is an SEC advisory committee that provides advice and recommendations to the Commission on rules, regulations, and policy matters affecting capital formation by small businesses. Topics include capital raising by emerging privately held firms and smaller public companies (often defined as companies with less than $250 million market cap), trading in securities of emerging and smaller companies, public-reporting and corporate-governance requirements, and other regulatory or policy matters that affect small-business access to capital.
Eligibility is broad: the SEC seeks individuals with relevant experience representing small businesses, investors, public companies, law or accounting firms, venture capital, crowdfunding, broker-dealers, investor advocates, or academics. Interested members of the public with applicable experience may apply; the SEC’s announcements list particular types of experience considered relevant.
Candidates submit a letter of interest (and any requested materials) by emailing smallbusiness@sec.gov as directed in the SEC press release and committee webpage; the press release provides an application link and contact instructions.
The press release states there are a “limited number of vacancies” but does not specify exact count in the summary; the deadline for submissions is provided in the press release (consult the SEC release for the specific date).
Committee members serve fixed terms as set in the committee’s charter (typically multi‑year terms) and are expected to participate in periodic in‑person and virtual meetings and working-group work between meetings. Exact term lengths and meeting frequency are specified in the committee charter and the SEC’s advisory‑committee materials on the agency website.
Members serve without pay; however, they may be reimbursed for travel and related expenses for official committee meetings in accordance with federal travel rules and SEC policy. Specific compensation and reimbursement provisions are set out in the committee’s charter and SEC guidance.
Members are appointed by the SEC (typically by the Chair or the agency) following a selection process run by the Office of the Advocate for Small Business Capital Formation; candidates are reviewed for relevant experience and balance among stakeholder perspectives, and appointments are announced in an SEC press release. The committee operates under a charter consistent with the Federal Advisory Committee Act.