1. Short title This Act may be cited as the MicroCap Small Business Investing Act of 2023 . 2. MicroCap small business investment company designation (a) In general Title III of the Small Business Investment Act of 1958 ( 15 U.S.C. 681 et seq. ) is amended— (1) in section 301(c), by adding at the end the following: (5) MicroCap small business investment company license (A) In general Notwithstanding any other provision of law, the Administrator may approve an application and issue not more than 10 licenses annually under this subsection with respect to any applicant— (i) that would otherwise be issued a license under this subsection, except that the management of the applicant does not satisfy the qualification requirements under paragraph (3)(A)(ii) to the extent that such requirements relate to investment experience and track record, including any such requirements further set forth in section 107.305 of title 13, Code of Federal Regulations, or any successor regulation; (ii) for which the fund managers have— (I) a documented record of successful business experience; (II) a record of business management success; or (III) knowledge in the particular industry or business in which the investment strategy is being pursued; and (iii) that, in addition to any other requirement applicable to the applicant under this title or the rules issued to carry out this title (including section 121.301(c)(2) of title 13, Code of Federal Regulations, or any successor regulation), will make not less than 25 percent of its investments in— (I) low-income communities, as that term is defined in section 45D(e) of the Internal Revenue Code of 1986; (II) a community that has been designated as a qualified opportunity zone under section 1400Z–1 of the Internal Revenue Code of 1986; (III) businesses primarily engaged in research and development; (IV) manufacturers; (V) businesses primarily owned or controlled by individuals in underserved communities before receiving capital from the applicant