Capital-Raising Alternative for Middle Market Companies: Small Business Administration's SBIC Program

Navigating Funding and Licensing Requirements to Access Leverage Commitments

Recording of a 90-minute premium CLE webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, April 24, 2012

Recorded event now available

or call 1-800-926-7926

This CLE course will prepare commercial finance counsel to leverage the small business investment company (SBIC) program as a capital raising alternative. The panel will identify when this option is viable, discuss accessing leverage commitments, and outline how to navigate licensing requirements.


SBICs, privately formed and managed investment funds, can significantly increase private capital for investments in middle market companies if licensed by the Small Business Administration. With the government enhancing, accelerating and making the SBIC program more flexible, this has become a good funding option.

Identifying when this option is available, navigating licensing requirements, and structuring this financing alternative are key steps for counsel. The terms and cost of leverage are attractive, allowing for 10-year debentures, principal not payable until maturity and retained earnings distributions.

Listen as our authoritative panel of commercial finance practitioners discusses the benefits of the SBA’s SBIC program, identifies common misconceptions, describes ways to structure the funding alternative, and points out the potential pitfalls.



  1. Opportunities for capital raising through the SBIC Program
  2. Terms of leverage
  3. Cost of leverage
  4. Licensing: navigating the process
  5. Accessing leverage commitments
  6. Common misconceptions
  7. Best practice strategies and pitfalls to avoid


The panel will review these and other key questions:

  • What are common misconceptions about the SBIC program and what are the facts?
  • How do SBICs obtain leverage commitment from the SBA?
  • How should counsel navigate the licensing requirements?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.


Michael K. Wyatt
Michael K. Wyatt

Foley Hoag

He specializes in SBA matters. He has extensive experience representing SBICs in a variety of structuring, fund...  |  Read More

Alan B. Roth
Alan B. Roth

Edwards Wildman Palmer

He focuses in the areas of venture capital and private equity representation, including SBIC licensing, investment and...  |  Read More

Michael B. Staebler
Michael B. Staebler

Pepper Hamilton

He leads the firm’s SBIC Practice and is Co-Chair of the firm’s Fund Services Group. His practice focuses...  |  Read More

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