Abacus Finance Group has introduced that it has gained permission for a US state-backed finance scheme and likewise that it has reached the primary shut of its inaugural fund.
Abacus gives money flow-based senior debt to decrease middle-market personal equity-backed corporations.
It has been granted a small enterprise funding firm (SBIC) licence. The Small Enterprise Administration’s (SBA) SBIC program is a US federal initiative designed to stimulate capital funding in small companies by offering entry to government-guaranteed debt capital.
The newly licensed SBIC fund will permit Abacus to develop its capability to serve a broader vary of corporations.
It stated this might underscore its dedication to fuelling innovation, job creation, and sustainable improvement throughout the decrease center market.
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“Receiving our SBIC license and holding our first closing of this fund is a testomony to each our complete partnership method and dedication to serving to small companies succeed,” stated Tim Clifford, chief govt of Abacus Finance Group. “This partnership with the SBA equips us with even higher instruments to gasoline the expansion and resilience of the companies we serve.”
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Abacus Finance Group was co-founded in 2011 by Tim Clifford and its chief operations officer Sean McKeever.
Abacus targets personal debt financing alternatives of as much as $60m (£47.4m) and funds corporations with EBITDA between $3m and $15m. It’s an affiliate of New York Personal Financial institution & Belief.
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