USA, Hercules Technology Growth Capital Gets SBA Approval to Complete its 2nd SBIC License

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.

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