New York, Minnesota investment firms named 2016 SBIC winners.
BANKING AND CREDIT NEWS-April 27, 2016-New York, Minnesota investment firms named 2016 SBIC winners
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Argentum Capital Partners of New York, New York and GMB Mezzanine Capital of Minneapolis, Minnesota have won the 2016 SBIC of the Year award by the US Small Business Administration (SBA) the administration said.
The SBA's office of investment and innovation administers the SBIC program, a multi-billion dollar, zero-subsidy, government-sponsored investment fund created in 1958 to bridge the gap between entrepreneurs' need for capital and traditional sources of financing. SBA invests long-term capital in privately owned and managed investment firms licensed as Small Business Investment Companies (SBIC). For every USD1.0 an SBIC raises from a private investor, the SBA can provide up to USD3.0 of debt capital, subject to a cap of USD150 million per fund. Once capitalized, SBICs make debt and equity investments in some of America's most promising small businesses, helping them grow.
At the close of FY 2015, 303 SBIC funds were participating in the program with USD25 billion assets under management. For FY 2015, 1,210 small businesses were financed by SBICs; one-fourth of these companies are woman, minority or veteran led, and one-fourth were companies less than two years old at the time of financing.
The US Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of the nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the US Virgin Islands and Guam.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Apr 27, 2016|
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