Feb 15, 2024 - Business

Pelion Venture Partners gets first "modernized" SBIC license

Dan Primack

Illustration of Uncle Sam holding a dollar bill — Illustration: Eniola Odetunde/Axios

Pelion Venture Partners of Salt Lake City secured up to $125 million in matching funds from the U.S. Small Business Administration, Axios has learned.

Why it matters: Pelion is the first licensee under a plan SBA launched last summer to modernize the Small Business Investment Company (SBIC) program, thus opening up billions of dollars to VC funds.

Details: SBA says it received more than 100 SBIC licensing pre-screen forms and licensing management assessment questionnaire applications between last August and December.

The agency also gave green light approval toward licensing Stifel North Atlantic for its first SBIC license under a joint program with the Defense Department to focus on critical technologies.

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Pelion Venture Partners gets first "modernized" SBIC license

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