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Guide to Small Business Investment Companies (SBICs)
SBA-licensed private firms offer loans when others can't- Small businesses only, defined by the SBA as those with a net worth of $18 million or less and with after-tax earnings of $6 million or less for the past two years.
- Nearly every type of business.
- Businesses owned by social or economically disadvantaged entrepreneurs, through Specialized Small Business Investment Companies (SSBICs) investing only in these types of businesses.
Action Steps
The best contacts and resources to help you get it done
Choose debt or equity
SBICs and SSBICs use their own capital plus funds raised through the SBA to make equity capital and long-term loans. Debenture SBICs focus on more mature companies, providing debt or debt-with-equity loans. Participating-securities SBICs are able to invest in younger companies with pure equity investments.
I recommend:
Get the detailed rules from the SBA.
Craft your pitch
SBICs will expect to see a detailed business plan laying out your strategy and your financials.
I recommend:
The National Association of Small Business Investment Companies' guide for entrepreneurs walks you through the application process.
Contact an SBIC or SSBIC
They're located throughout the country, but they differ in dollar limits of financing, investment policies, and preferences for certain types of and locations of businesses.
I recommend:
SBICs and SSBICs can be found through the SBA and the National Association of Small Business Investment Companies.
Tips & Tactics
Helpful advice for making the most of this Guide- Although SBICs and SSBICs have their own investment criteria, they make exceptions in some cases.
- There is no rule about how long it should take an SBIC or SSBIC to decide on an application, so it's wise to determine your company's needs and to research SBICs long before you'll need the money.
- Financing is tailored to meet the needs of the business and the SBIC.
