Illinois & Pennsylvania Investment Firms Named SBIC of the Year
April 28, 2015
WASHINGTON, April 28, 2015 /PRNewswire-USNewswire/ -- Monroe Capital Partners Fund LP of Chicago, Ill and NewSpring Capital of Radnor, Pennsylvania, were the two winning firms of the 2015 Small Business Investment Company (SBIC) of the Year award by the U.S. Small Business Administration (SBA). These winners, along with other national winners and finalists for the National Small Business Person of the Year, will be invited to a recognition ceremony as part of National Small Business Week at the White House on May 8th.
The SBA's Office of Investment and Innovation administers the SBIC Program, a multi-billion dollar, government-sponsored investment fund created in 1958 to bridge the gap between entrepreneurs' need for capital and traditional sources of financing. SBA invests long-term capital in privately owned and managed investment firms licensed as Small Business Investment Companies. For every $1 an SBIC raises from a private investor, the SBA can provide up to $3 of debt capital, subject to a cap of $150 million per fund. Once capitalized, SBICs make debt and equity investments in some of America's most promising small businesses, helping them grow.
Some of today's most iconic brands were financed by SBICs – companies like Apple, Amgen, Intel, Federal Express, Tesla, AOL, Adaptec, and Hewlett Packard.
Biographical Information for the SBIC winners is listed below:
Small Business Investment Company (SBIC) Awardees
Monroe Capital Partners Fund LP (Big Fund) Theodore L. Koenig, Managing Member Chicago, Ill.
Monroe Capital is one of the recipients of the SBIC of the Year award. It has three SBIC funds. Monroe SBIC funds have SBA commitments totaling $225 million, and have invested $260 million in 30 small businesses. More than 70 percent of these investments have been to "smaller enterprises," and 30 percent to minority-owned companies. Since 2004, the Monroe family of funds, together with co-investment partners, has invested $2.5 billion in more than 500 middle market companies. Monroe Capital is managed by Theodore Koenig, Thomas Aronson, Michael Egan, Jeremy VanDerMeid, and Zia Uddin.
NewSpring Capital (Small Fund) Michael DiPiano, Managing Partner Radnor, Pa.
NewSpring Capital is the other recipient of the SBIC of the Year award. It has managed three SBIC funds and NewSpring Mezzanine III is in the application process. NewSpring Ventures, a 2000 hybrid PS/debenture fund, invested $99 million in 27 companies, fully repaid all SBA Leverage, and paid SBA $10.1 million in profit participation. NewSpring Capital has invested across the U.S. and heavily in underserved markets. Its portfolio companies have employed nearly 7,000 people. NewSpring Capital is managed by Michael DiPiano, Steven Hobman, Gregory Barger, Marc Lederman, and Brian Murphy.
Since 1963, the President has issued a proclamation designating one week each year as National Small Business Week. This year, the celebration will take place from May 4-8 all across the country, with the theme "Dream Big, Start Small." Administrator Contreras-Sweet will travel during the week to events in Miami/Boca Raton, Los Angeles, San Antonio, New York and Washington, D.C.
Events throughout the week will be live-streamed on SBA's website at www.sba.gov. Make sure to check in during the event for live social media engagement, using the hashtag #DreamSmallBiz. For more information on the national events please visit: www.sba.gov/smallbusinessweek.
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