The U.S. Small Business Administration approved Saratoga Investment Corp.'s second Small Business Investment Company license.
The business development company said the approval will result in an additional $175 million in long-term capital in the form of SBA debentures. Saratoga Investment said it will grow its SBA relationship to $325 million in committed capital from $150 million.
Saratoga Investment received its first license in March 2012.
A Small Business Investment Company is a privately owned and managed investment fund regulated by the SBA, and it uses its capital plus funds borrowed with an SBA guarantee to make investments in qualifying small businesses, according to the SBA's website.
