Raleigh investment firm Triangle Capital announced its application to borrow up to $100 million at favorable rates has been approved by the Small Business Administration.
Triangle Capital reported Tuesday that its application for a third Small Business Investment Company license won the SBA’s approval. SBICs can issue bonds at favorable rates because they’re backed by the federal government.
“Our continued partnership with the SBA and the additional capital available with this new license will significantly enhance our ability to take advantage of investment opportunities in the lower middle market,” CEO Ashton Poole said in a prepared statement.
Triangle Capital typically makes loans ranging from $5 million to $35 million in companies with annual revenue between $20 million and $200 million. Its investment portfolio was valued at $947.7 million as of Sept. 30.
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In addition to its new borrowing capacity via the SBA, Triangle Capital had $168.3 million in cash and $208.6 million in remaining borrowing capacity under its $300 million senior credit facility as of Sept. 30.