Business Development Companies (BDC) were created in the 1980s following the passing of the Small Business Investment Incentive Act of 1980. Since the global financial crisis in 2008, private credit, broadly defined as lending by non-bank entities, has seen remarkable growth. BDCs, as a subset of private credit, have been at the forefront of growth as small to medium-sized businesses become more reliant on non-bank capital, especially as traditional banks become less likely to lend.