1. Short title This Act may be cited as the SBIC Advisory Committee Act of 2023 . 2. SBIC Advisory Committee (a) Definitions In this section— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; (2) the term Advisory Committee means the SBIC Advisory Committee established under subsection (b); (3) the term covered Members means the Chair and Ranking Member of— (A) the Committee on Small Business and Entrepreneurship of the Senate; and (B) the Committee on Small Business of the House of Representatives; (4) the terms licensee , small business investment company , and underlicensed State have the meanings given those terms in section 301 103 of the Small Business Investment Act of 1958 ( 15 U.S.C. 662 ); (5) the term low-income community has the meaning given the term in section 45D(e) of the Internal Revenue Code of 1986; (6) the term rural area has the meaning given the term by the Bureau of the Census; (7) the terms small business concern , small business concern owned and controlled by veterans , and small business concern owned and controlled by women have the meanings given those terms in section 3 of the Small Business Act ( 15 U.S.C. 632 ); (8) the term socially or economically disadvantaged individual means a socially disadvantaged individual or economically disadvantaged individual, as described in paragraphs (5) and (6)(A), respectively, of section 8(a) of the Small Business Act ( 15 U.S.C. 637(a) ); (9) the term underfinanced State means a State that has below median financing, as determined by the Administrator; and (10) the term underserved community means— (A) a HUBZone, as defined in section 31(b) of the Small Business Act ( 15 U.S.C. 657a(b) ); (B) a community that has been designated as an empowerment zone or an enterprise community under section 1391 of the Internal Revenue Code of 1986; (C) a community that has been designated as a promise zone by the Secretary of Housing and Urban Development