The Small Business Administration (SBA) is standing up a modernized system to help the agency manage its Small Business Investment Company (SBIC) program, according to a notice posted on September 9 in the Federal Register.
The notice of a new system of records, mandated by the Privacy Act of 1974, notes that SBA “is in the process of modernizing its technology supporting the SBIC program to further enhance SBA’s regulatory oversight and risk management of the SBIC program.” The new system is comprised of multiple aspects, including:
- A customer relationship management tool;
- An investment and risk management tool;
- An information portal, and;
- A data warehouse associated with APIs.
“The SBICIS [SBIC Information System] serves a centralized and automated framework for the organization, retrieval, and analysis of SBIC information which supports the SBA’s oversight and risk management roles for the SBIC program,” SBA states.
The system will collect information on SBIC license applicants, SBICs, and the employees associated with those entities. The system will also collect data on SBIC investors, portfolio companies, service providers, and other people and organizations associated with SBICs.
The notice also states that access is limited to “persons with official need to know,” and information will be protected with access controls, user permissions, event logging, and monitoring.