U.S. SBA Names Monroe SBIC of the Year
Monroe Capital announced the U.S. Small Business Administration (“SBA”) has selected an investment fund managed by Monroe Capital as the Small Business Investment Company (“SBIC”) of the Year.
The SBIC of the Year award recognizes the overall superior performance of Monroe Capital’s SBIC fund. Selection criteria included, but are not limited to, demonstrated commitment to supporting growth and expansion of small businesses, including job creation; penetration in underserved markets; community involvement; commitment to financial return on investment; public focus; and the overall wellbeing of small businesses.
Monroe’s SBIC investment fund, which is being recognized by the SBA for this award, made investments in 33 separate companies, 84% of which qualify as “smaller enterprises” as defined by the SBA, and over 35% of those investments are in minority-owned or minority-managed companies. In the aggregate, the portfolio of 33 companies represent over 11,000 employees (of which approximately 3,000 are minority employees) and revenues of over $2.2 billion. This Monroe SBIC fund has invested in companies across 14 states, including Alabama, Arizona, California, Colorado, Connecticut, Georgia, Illinois, Kentucky, Minnesota, New Jersey, New York, Ohio, Tennessee and Texas.
“Monroe Capital has an excellent record of creating value for small businesses throughout the U.S., including in underserved segments of the small business economy which include woman and minority owned and managed businesses. We are very proud to count Monroe Capital among our SBIC of the Year family,” added Javier Saade, associate administrator for investment and innovation of the SBA.
Ted Koenig, President and CEO of Monroe Capital LLC, said, “We are extremely honored that the SBA has recognized Monroe Capital and our SBIC fund as the SBIC of the Year. This award exemplifies our experience and dedication to helping growing small businesses in the middle market throughout the U.S. We greatly value our partnership with the SBA and believe that our firm demonstrates what a successful SBIC fund should aspire to be.”
The SBIC program was created by Congress in 1958 to help small U.S. businesses meet their requirements for growth and operating capital not otherwise available through banks or other traditional private capital