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Letter to Small Business Leaders in Upstate New York - Small Business Loans and Management Assistance


Location: Unknown

Dear Small Business Leader:

I am writing to remind you to look at Small Business Investment Companies (SBICs) as a source of equity capital, long term loans and management assistance for qualifying small businesses in your area.

SBICs are privately owned and managed investment funds, licensed and regulated by the Small Business Administration (SBA), that use their own capital in addition to funds borrowed with an SBA guarantee to make equity and debt investments in small businesses. The SBIC program currently offers its licensees access to debt capital with a 10-year maturity and semi-annual interest payments. The structure of this financing means that most SBICs focus primarily on providing small businesses with debt or debt with equity features. Eligible companies must have a net worth that is $18 million or less and has an average after tax net income for the prior two years that does not exceed $6 million.

There are seventeen licensed SBICs in New York. Many of them invest in a particular field or industry in which their management has expertise. Once you have identified an SBIC that can provide the type of financing your small business is looking for, you should take steps to present your business plan to them. For information about putting together a business plan and other resources that are available to start-up companies through the Small Business Administration.

Job creation in the North Country is my top priority in Congress. If you need any additional information or have any questions about the SBIC program, please contact me by visiting my website at

Bill Owens
Member of Congress

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