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Small Business Investment Companies
Under the Small Business Investment Companies (SBIC) program, the Small Business Administration (SBA) licenses privately owned and managed investment funds that provide capital to small businesses. SBICs use their own capital plus funds (known as leverage) that are borrowed at favorable rates because SBA guarantees the loan obligation, which is known as a debenture. Holders of SBIC licenses can manage a single SBIC ("single licensee") or two or more SBICs ("multiple licensee"). This report examines (1) the characteristics of single- and multiple-license SBICs; (2) the investment performance of single versus multiple licensees and the attributes of the small businesses in which they invest; and (3) the SBIC program's overall financial performance and the extent to which SBS manages program risk. Tables and figures. This is a print on demand report.
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