The U.S. Small Business Administration signed off on Hercules Capital Inc. applying for a license to create and run a third small business investment company subsidiary. This came after the company made a presentation to an SBA committee.
Hercules, upon approval, will get a third SBIC license held by its subsidiaries and will continue to access additional growth capital of $175.0 million of long-term debentures, bringing Hercules' combined borrowing capacity through the SBIC program to a total of $350.0 million of capital.
The additional $175.0 million is expected to get final approval by the first quarter of 2019.
Also, Hercules completed the full repayment of $41.2 million outstanding of its first SBIC license, Hercules Technology II LP, on July 13.