Enterprise Center launches SBIC to invest in minority-owned businesses, sets $50M goal
The Enterprise Center said Monday that it is launching a Small Business Investment Company (SBIC) that will provide growth equity capital to local “standout” minority- and women-owned businesses in the Philadelphia region.
An SBIC is a privately owned and operated company that makes long-term investments in small businesses and is licensed by the U.S. Small Business Administration (SBA). The SBIC program was founded in 1958 and the Enterprise Center becomes the first Minority Business Development Agency (MBDA) in the country to have both a Community Development Financial Institution (CDFI) and an SBIC under one roof. The SBIC, called Innovate Capital Growth Fund, has already raised $14 million from some of the largest companies, institutions and banks in the region, as well as support from some of the largest local private equity firms.