The U.S. Small Business Administration is inviting early stage investment fund managers to apply for licensing as Early Stage Innovation Funds, part of the SBA’s Small Business Investment Company capital investment program. In its first year, the program attracted 33 applications nationally and approved six qualified funds to continue through the licensing process last year. The agency has committed up to $1 billion in SBA-guaranteed debt over five years to selected Early Stage Innovation Funds. Licensed Early Stage funds can receive a maximum of $50 million in SBA-guaranteed funding to match their privately raised capital. Those funds must invest at least 50 percent of their investment dollars in early stage small businesses. The deadline for filing applications to the program is March 1. For application details go to the Dec. 18 Federal Register here.
SBA initiative targets early stage funds
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