U.S. Small Business Administration Announces Small Business Investment Companies of the Year
of Westport, CT have been named the 2023 Small Business Investment Companies (SBICs) of the Year as part of National Small Business Week .
Washington D.C., March 27, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s 33 million small businesses, announced Stonehenge Community Impact Fund, L.P. of Columbus, Ohio, and Balance Point Capital Partners, L.L.C. of Westport, CT have been named the 2023 Small Business Investment Companies (SBICs) of the Year as part of National Small Business Week.
The two funds, with other national winners and finalists for the National Small Business Person of the Year, will be recognized on Sunday, April 30, and Monday, May 1, during the National Small Business Week awards ceremony in Washington, D.C.
“SBA’s 2023 Small Business Investment Company of the Year awards honor two investment companies that have shown exceptional dedication to their missions, a successful track record, and unwavering support for expanding capital access to small businesses across the Nation, especially in underserved and often under-capitalized markets,” said Administrator Guzman. “Congratulations to these recipients for helping advance our economy by funding so many high-growth enterprises over the past year.”
This year’s awards were presented in two categories, “Emerging Manager” and “Established Manager,” to recognize the dynamic work of the funds in the program.
2023 SBIC of the Year - Emerging Manager
Name of Fund: Stonehenge Community Impact Fund, L.P.
Fund Manager: L’Quentus Thomas, Senior Managing Director
Location: Columbus, OH
Stonehenge Impact Fund’s objective is to be a provider of senior debt and strategic guidance to lower middle market companies that are minority, women, or veteran-owned small businesses and/or located in underinvested census tracts nationwide, including areas with low incomes or high poverty rates, rural communities, and areas targeted for investment by State and Federal programs.
Stonehenge Impact Fund targets its investing activities in companies across a wide range of industries, including manufacturing and distribution, business services, technology, energy services, healthcare and life sciences, and solar energy. Target investments range in size from $5-15 million and in companies typically generating at least $2 million of annual cash flow.
To date, 100% of the fund’s investments have been into small businesses in underserved communities, with 54% of its capital deployed into minority-owned or controlled businesses sustaining 1067 jobs and projecting the creation of 263 new jobs.
2023 SBIC of the Year - Established Manger
Name of Fund: Balance Point Capital Partners, L.L.C.
Fund Manager: Seth Alvord, Managing Partner
Location: Westport, CT
Balance Point’s objective is to be a reliable partner for creative and flexible capital solutions, sourcing both debt and equity capital for small business concerns in the U.S. lower middle market. Since its 2007 inception, Balance Point has pursued its investment strategy with four SBICs and two non-SBICs, seeking a portfolio investment mix focusing on expansion, later stage, and the buyout of small businesses that exhibit strong value propositions and experienced management teams.
Balance Point targets its investing activities across a variety of industries, including business services, consumer, food and beverage, healthcare, media and information services, and tech-enabled services. Targeted debt investments range from $15-150M, and equity investments from $15-75M.
Balance Point’s platform of SBICs and nearly $1.7B in total assets under management include portfolio companies that are 44% smaller enterprises, 33% led by women, minority, or veteran CEOs, CFOs or COOs, and created/sustained 15,144 jobs.
The SBIC of the Year award is administered by the SBA’s Office of Investment and Innovation.
National Small Business Week will be held from April 30-May 6, 2023. For more information about NSBW, please visit www.sba.gov/nsbw.
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Co-sponsorship Authorization# 23-1-C The SBA’s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.
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About the SBIC Program
Since 1958, the mission of the SBIC program has been to stimulate and supplement the flow of private equity capital and long-term loan funds which small businesses need for the sound financing of their business operations and for their growth, expansion, and modernization which are not available in adequate supply. SBA accomplishes its mission by licensing privately-owned and professionally managed funds that provide financings, using privately raised capital and SBA-guaranteed leverage, to small businesses seeking access to capital. To learn more about the SBIC program, visit www.sba.gov/sbic.
About National Small Business Week
For 60 years, the President of the United States has issued a proclamation announcing National Small Business Week recognizing the critical contributions of America’s entrepreneurs and small business owners. More than half of Americans either own or work for a small business and create about two out of every three new jobs in the U.S. each year. As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st century jobs, drive innovation, and increase America’s global competitiveness. And in recognizing the changing face of America, the SBA’s National Small Business Week awards honor individuals and businesses that reflect our nation’s rich diversity.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Press Office United States Small Business Administration [email protected]