Feb 15, 2024 - Business

Pelion Venture Partners gets first "modernized" SBIC license

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.
Go deeper