Vintage SBIC, A New SBIC In California

Vintage SBIC, the new SBIC in California, with up to $111 million in capital, will primarily invest in manufacturing, business service, and consumer products/retail companies. The SBIC is seeking to invest between $5-10 million in companies with annual revenues of between $25-250 million, targeting underserved markets and overlooked industries.

SBA Administrator Hector V. Barreto said he was proud the license being issued to Vintage SBIC. "In fiscal year 2005 more than 13,800 California small businesses received loans through SBA's various capital programs," Mr. Barreto said, "and we are pleased to be able to infuse additional capital into the marketplace through the issuance of this license."

Arnold Schwarzenegger, the governor of California, was equally pleased.

"Small businesses are the backbone of our economy," said Governor Schwarzenegger. "We must do everything we can at the state and federal level to make sure they succeed. I want to thank Administrator Barreto and the SBA for their hard work to expand programs that help California small businesses. I look forward to many, many more programs like this and to formally establishing a closer partnership with the SBA very soon."

There are a lot of SBICs -- over 400 of them. Many of them don't accomplish much at all, and they have been a source of controversy for quite a while. It was good to hear that Vintage, the new California SBIC, is intent on reaching markets that are historically underserved. We wish it well.

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