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 SBIC in
California, is intent on reaching markets that are historically
underserved. We wish it well.
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SBIC in California
.
Posted June 2006.
