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The SBA’s Impact Investment Fund Grows Threefold

The SBA’s Impact Investment Fund Grows Threefold

Investors pursuing impact strategies continue to expand

 

WASHINGTON–The U.S. Small Business Administration (SBA) announced today that the Impact Investment Fund of the Small Business Investment Company (SBIC) program has tripled in the last 12 months.

 

“Capital investment in some sectors, geographies and industries is still lower than you would expect and like. Through the Impact Investment Fund, we’ve sent a message to professional fund managers with expertise in areas like clean energy, education technology, and advanced manufacturing as well as those looking for ‘off the beaten path’ gems in low income or economic distressed communities across the country. SBICs as a whole, fill capital formation gaps at the low end of the middle market, the Impact Fund, puts a magnifying glass where the gaps are widest,” said SBA Associate Administrator for Investment and Innovation Javier Saade.

The SBA began 2014 with two Impact SBICs managing $182 million and ended the year with six Impact SBICs collectively managing between $442 million and $572 million in total assets depending on the amount of credit guarantees approved and employed.   Given the SBIC Impact Investment Fund is still well below the originally expected $1 billion leverage level, there is room to further grow the list of professional investors interested in pursuing impact strategies.

 

Three of the six Impact SBICs have not deployed capital.  The other three have invested in 33 companies across the country and collectively employ approximately 4,600 people.  These companies include an organic cage-free poultry operation in Texas, a wood waste-to-pellet fuel concern in Michigan and an educational institution in an urban low-income community in Puerto Rico.

 

One of the policy changes made was seemingly simple but equally meaningful – the Impact Investing Initiative became the Impact Investment Fund, making it a permanent feature of the SBIC Program.  The Fund uses the rapidly evolving strategies that involve marrying financial gains and intentional social returns to narrow gaps.

 

Initially, SBIC’s were limited to SBA-identified impact investments, but now because of the flexibility of the Impact Investment Fund, participating funds can identify and pursue their own strategies.  In addition to the expansion of this fund, SBA removed several key barriers that prevented access to it by:

  • Lifting the $200 million restriction to offer licensed Impact SBICs better access to

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leverage;

  • Removing the waiting period in accessing multiple leverage commitments; and
  • Permitting existing SBICs to opt-in if they meet the Impact Fund requirements.

 

The reasons for the relatively slow deployment of impact investing strategies at the institutional level are varied and complex, but one of the main reasons, is the adoption of standards to measure intentional social impact has been spotty.  The SBA and the federal government, supports the adoption of standards to further enable more institutional private capital flow to the small business community.

 

Information on the fund and the policy can be found here.  The changes were made based on feedback from a significant number of private sector stakeholders and were consistent with themes the SBA heard from impact investors the White House roundtable on Impact Investing that was held this past summer.  The comments align with the recommendations of the US National Advisory Board on Impact Investing released this summer and with the findings of the G8 Task Force on Social Impact Investing, Impact Investment: The Invisible Heart of Markets.

 

The six Impact SBICs are:

 

2011                       Michigan Growth Capital Partners SBIC, LP

2012                       SJF Ventures III, LP

2014                       Bridges Ventures U.S. Sustainable Growth Fund, LP

2014                       Morgan Stanley Impact Fund

2014                       Bluehenge Secured Debt SBIC, LP

2014*                    Renovus Capital Partners, LP

 

* Renovus was an existing SBIC solely focused on education which opted into becoming an Impact SBIC in December 2014.  

 

BMW’s Super Bowl ad takes us back to a time when nobody ‘got’ the Internet

BMW’s Super Bowl ad takes us back to a time when nobody ‘got’ the Internet

http://mashable.com/2015/01/26/katie-couric-super-bowl/?utm_cid=mash-com-fb-bus-link

#Blizzard2015 Shuts Down Much of the Northeast on This Morning with Gordon Deal

#Blizzard2015 Shuts Down Much of the Northeast on This Morning with Gordon Deal

http://www.stitcher.com/podcast/this-morning-with-gordon-deal/e/36767115?autoplay=true

Obama Makes Middle-Class Pitch listen to Podcast on This Morning With Gordon Deal

Obama Makes Middle-Class Pitch listen to Podcast on This Morning With Gordon Deal

http://www.stitcher.com/podcast/this-morning-with-gordon-deal/e/36699333?autoplay=true

Join the DFW Small Business Start Up Meet-Up Group

Join the DFW Small Business Start Up Meet-Up Group

DFW Small Business Start Up

This group gathers monthly to share tips, tricks and next practice ideas for existing small businesses and start-ups  in the Dallas Fort Worth Metroplex. This group focuses on the strategies and tools used to find and connect with the key people need to grow their business. Most of our members live in the Arlington, Grand Prairie and Mansfield area; however it is open to the public. Please RSVP for space and food count.

Agenda – Feb 3, 2015
7:00 -7:25 pm Welcoming, Social and Free Food
7:30 pm Presentation Topic (see below)
7:55 pm Questions and Answering
8:05 pm Sharing Ideas
8:30 pm Adjourned

Topic – Feb 3, 2015 – Goldman Sachs 10K Business
Topic – Mar 3, 2015 – Representative from SCORE
Topic – April 7, 2015 – Representative from SBA
Topic – May 5, 2015 – Representative from DFW Minority Business Council
Topic – June 2, 2015 – Representative from Regions Bank
Topic – July 7, 2015 – Alternative Financing
Topic – August 4, 2015 – Selling to the Government
Topic – September 8 – Selling to Fortune 1000 Businesses

Our meeting are from 7:00 pm to 8:30 pm on the first Tuesday of each month at 3901 Arlington Highlands Blvd, Suite 200 Arlington, TX 76018 in the front conference room. The offices are on the second floor above Gloria Restaurant across from Studio Movie Grill in the Arlington Highland Shopping Complex.

For more information, please contact Tim Jacquet at 214-224-0995 office, mobile 281-780-1728 or email tjacquet@appleacapitalgroup.com. We are sponsored by Salesforce and Data.com Connect and Apple Capital Group, Inc. #salesforce #data.com #applecapital

Here is the link to join and RSVP for the sessions. http://www.meetup.com/Dallas-Fort-Worth-SMB-Data-Connectors/events/219882596/

 

Iman Talks “Ageless Chic” With Joe Zee

Iman Talks “Ageless Chic” With Joe Zee

Welcome to the Yahooniverse the lovely and effortlessly cool Iman! Today marks the dawn of a new era when the supermodel and entrepreneur becomes a regular contributor for Yahoo Style. The wonder woman (who speaks five languages, FYI) has built up a loyal following on her own site, Destination Iman, and now will be sharing her style and beauty tips and tricks in a new column “Ageless Chic.” (Did we mention that Iman turns 60 this summer? Who better to learn from than the best?)

https://www.yahoo.com/style/welcome-to-the-yahooniverse-the-lovely-and-108681012708.html

This Morning Show with Gordon Deal – January 19, 2015

This Morning Show with Gordon Deal – January 19, 2015

http://www.stitcher.com/podcast/this-morning-with-gordon-deal/e/36676196?autoplay=true

Dan Tangherlini leaving the GSA in February

Dan Tangherlini leaving the GSA in February

General Services Administration Administrator Dan Tangherlini said Thursday he will be leaving the agency next month.

In a letter to staff, Tangherlini said his last day will be Feb. 13.

“It has been my highest honor to serve the American people, our President, and this Administration,” said Tangherlini, who left his job as D.C. city administrator in mid-2009 to join President Barack Obama‘s administration, at first in the Treasury Department. “I want everyone in this agency to know that it has been a pleasure to do such important work with committed public servants such as you.”

Tangherlini does not explain in the letter why he is leaving, but a GSA source says it is voluntary, though he has not accepted another job offer.

“Dan is a true public servant who leaves this Administration with an extraordinary record of accomplishment,” Obama said in a statement. “Over the past six years, Dan has worked to help make sure government serves citizens more effectively. His leadership of the General Services Administration at a critical moment helped make the agency more efficient, transparent, and accountable to the American people. I am deeply grateful for his service, and I wish him all the best in his future endeavors.”

In Tangherlini’s stead, Deputy Administrator Denise Turner Roth will serve as acting administrator.

Obama nominated Tangherlini as GSA administrator in May 2013, though he had served in that position in an acting role since April 2012, following the resignation of his predecessor, Martha Johnson.

During his tenure, locally, he led the search for a new FBI headquarters, finalized the lease with Donald Trump to transform the Old Post Office into a luxury hotel, oversaw major space reductions among federal agencies, and explored new ways of addressing the federal government real estate needs in a difficult fiscal times.

Prior to taking a position in Mayor Adrian Fenty‘s administration, Tangherlini served as Metro’s interim general manager. Metro is now on the hunt for a permanent GM.

DFW Small Business Start Up

DFW Small Business Start Up

Dallas Fort Worth SMB Data Connectors

Tuesday, February 3 at 7:00 PM

 

DFW Small Business Start Up This group gathers monthly to share tips, tricks and next practice ideas for small business in the Dallas Fort Worth Metro…

Details: http://www.meetup.com/Dallas-Fort-Worth-SMB-Data-Connectors/events/219882596/

SBA DFW District Office Honors 2014 Top Lenders As 2015 First Quarter Loans Are Up

SBA DFW District Office Honors 2014 Top Lenders As 2015 First Quarter Loans Are Up

FORTH WORTH, TX— The U.S. Small Business Administration (SBA) Dallas/Fort Worth District Office will recognize 15 area lenders for their success in providing access to capital for small businesses during  an annual Lender Awards Ceremony at the Las Colinas Country Club on  January 21st. SBA Regional Administrator Yolanda Garcia Olivarez will key note the event.  Olivarez heads delivery of SBA loan programs in the South Central Region which includes Texas, Arkansas, Louisiana, New Mexico and Oklahoma.

 

“SBA loans in the Dallas/Fort Worth area are up for the third fiscal year in a row with nearly a billion in lending in fiscal 2014,” said Olivarez. “This success is only possible with the commitment of our lenders who play an important role,  as it is through them that SBA financial assistance is channeled to our community  small businesses.”

 

The award ceremony is in conjunction with the annual business meeting of the North Texas Association of Government Guaranteed Lenders (NTAGGL).

 

This ceremony comes as first quarter loans dollars and numbers of loans are up in the DFW district. The district approved 434 loans for $207,496 million from October 1st to December 31st. This represents a significant increase of 28.8% in dollars and 33.1% in number of loans compared to the same period last year. “As unemployment falls and the economy grows, small businesses lending across the country is recovering” said Herbert Austin, SBA’s DFW District Director.

 

The top SBA lenders being honored next Wednesday were the top lenders across 72 Texas counties that the DFW district covers. “These lenders will be recognized for their great work in helping small businesses receive the financing needed to expand their firms, which creates jobs and strengthens our economy” said Austin.

 

The following are the lenders being honored:

 

PINNACLE AWARDS 2014

Wells Fargo Bank

#1 in 7(a) Lending in Dollars

Approved $71.7 million in 7(a) lending

 

BBVA Compass   Bank

#1 in SBA Lending in units

Approved 348 loans

 

Greater East Texas  CDC

#1 in 504 lending in Units and Dollars

Approved $35.3 million in 504 lending

 

Bank of the West

#1 in SBA lending in Small Bank Category

Approved $29.2 million

 

PLATINUM AWARD 2014

 

Live Oak Banking Company

Approved $47.6 million

 

J.P Morgan Chase Bank

Approved $41.2 million in 7(a) lending

 

 

GOLD AWARDS 2014

Commonwealth Business Bank

Approved $30.6 Million

 

SILVER AWARDS 2014

Independent Bank of Texas

Approved $27.3 million

 

Certus Bank National Association

Approved $24.2 million

 

Comerica Bank

Approved $22.8 million

 

North Texas CDC

Approved $20.5 million

 

 

SPECIAL ACHIEVEMENT AWARD 2014

Highest Percentage of loans to Minority and Women and Veterans owned firms

BBVA Compass Bank

 

Top First Mortgage Lender

  1. P. Morgan Chase Bank

 

Approved 10 deals for $9.3 million

 

 

Most Significant Increase in lending – Large Bank Category

Regions Bank

From $6.3 million in 2013 to $14.4 million in 2014

 

 

Most Significant Increase in lending – Small Bank Category

Access Bank

From $997,800 in 2013 to $6.7 million in 2014

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