Hercules Technology Growth Capital, the finance company providing venture debt and equity to venture capital and private equity-backed technology and life science companies at all stages of development, has received a notice of approval by the Small Business Administration (SBA) to pursue a second license as a Small Business Investment Company (SBIC).
The second SBIC license will allow the Palo Alto, Ca.-based company to access an additional $75m of long-term non-callable capital, as the result of the American Recovery and Reinvestment Act of 2009, which contained a provision to increase the borrowing capacity of participants in the SBIC program.
In order to fully access the capital, the company will be required to invest an additional $37.5m into its SBIC subsidiary, Hercules Technology III, L.P. bringing Hercules’s combined borrowing capacity through the SBIC program to a total of $225m of capital.
FinSMEs
08/09/2009