Crystal Financial Announces Formation of SBIC Fund
Ward Mooney, CEO of Crystal Financial LLC, announced that Crystal Financial SBIC LP received a license from the Small Business Administration to form a Small Business Investment Company, and closed its first investment in this new fund.
The fund will be managed by Crystal SBIC GP LLC, which is comprised of several senior managers at Crystal Financial LLC. The fund will focus on providing secured loans to small and medium-sized companies for acquisitions, working capital, growth and to support them in meeting their strategic objectives.
“This new fund is a natural extension for us to address the growing need in the market for creative debt capital solutions to small businesses”, stated Mooney.
It was also announced that Matthew Governali joined the Crystal Financial SBIC LP team with his primary responsibility being the origination and management of new investments for the fund. Governali has more than 15 years of experience providing senior and junior debt, as well as equity, to a wide variety of middle market companies. Governali’s investment background includes experience in commercial banking, CLO management as well as several years with Crystal Capital, a predecessor firm to Crystal Financial.
Colin Cross said, “we are thrilled to have Matt rejoin our team at Crystal and know that he will have a significant impact in helping us grow the SBIC.”