Tuesday September 30, 2014 0 comments
WASHINGTON, D.C. - The U.S. Small Business Administration (SBA) on Monday announced it has expanded the Impact Investment Fund, a feature of the Small Business Investment Company (SBIC) Program.
The SBA said it is implementing a series of policy changes to broaden access to the fund and strengthen the impact of SBICs.
"As head of the SBA, my main goal is to increase access to capital for our nation's entrepreneurs, especially to our underserved communities," said Maria Contreras-Sweet, SBA administrator.
"This expansion of the Impact Investment Fund puts more capital into the hands of entrepreneurs while offering impact investors a tremendous platform to reach small business owners with innovative ideas."
The SBA launched the Impact Fund in 2011 as a five-year, $1 billion pilot initiative to capitalize investment funds that seek both financial and social return.
The SBA said it will continue to allocate about $200 million of its $4 billion annual investment authority to Impact SBIC's investing in underserved areas and sectors of national priority.
A policy memo that outlines SBA's new commitment can be found here.
Investors in Colorado, Wyoming, Montana, Utah and North and South Dakota are encouraged to call the SBA Regional Office in Denver at 303-844-0501.