SBIA Congratulates Spell Capital, SBIC of the Year

The U.S. Small Business Administration will recognize Spell Capital as part of National Small Business Week

September 21, 2020 (Washington, D.C.) – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, is pleased to recognize Spell Capital of Minneapolis, MN, for being named 2020 Small Business Investment Company (SBIC) of the Year by the U.S. Small Business Administration. Spell Capital Senior Managing Director Stacy Harmsen is the rising Midwest President of SBIA. As an SBA licensed SBIC, Spell Capital provides subordinated debt and non-control equity to businesses in a variety of industries across the United States. The firm, an industry leader, will be honored in a virtual event on Tuesday, September 22, as part of National Small Business Week, which starts today.

“We are extremely proud that Spell Capital is being recognized for its long standing commitment to investing in American jobs,” said SBIA President Brett Palmer. “The SBIC program has a history of success helping small U.S. businesses access long-term, patient capital, which is going to be especially critical for growth and job creation as our country recovers from the economic stoppage caused by the pandemic.”

At the start of 2020, there were around 300 licensed SBIC funds representing nearly $30 billion in domestic capital. A recent study by the Library Congress found that SBIC-backed small businesses created almost 3 million new jobs and supported an additional 6.5 million jobs over a 20-year period. These businesses and jobs continue to succeed independently of SBICs after the investment is completed.

“SBICs invest exclusively in domestic small business, providing long-term capital to U.S. companies with real staying power and real growth potential,” said Stacy Harmsen. “At Spell Capital, we have been particularly focused on investing in underserved areas where job creation can make a major community impact.”

Small businesses that received SBIC investments
in their early stages include:
Federal Express, Apple, Intel, Costco,
Tesla, Whole Foods, and Callaway Golf.

For more than 50 years, the SBA has celebrated National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners. For more information on this year’s virtual event, visit


About the SBIC Program
The SBIC program is run by the Small Business Administration’s Office of Investment and Innovation, and is an investment program designed to increase small business access to venture and private equity capital for growth, production, and modernization. For more than 60 years, SBICs have been providing capital to American small businesses to help them expand their operations and create jobs. Fund management teams that meet the SBA requirements and successfully complete the application process, are able to access low cost leverage up to two times the private capital they raise. These funds then invest in a portfolio of U.S. small businesses, creating jobs, fostering innovation, and fueling economic growth. To learn more about the SBIC program, visit

About Spell Capital
Spell Capital Partners, LLC, is an established manager of private equity and mezzanine capital based in Minneapolis, Minnesota. Founded in 1988, Spell Capital has over 30 years of successful industry experience. Currently, the firm manages over $1.0 billion of capital (AUM) and has finished investing its fifth private equity buyout fund, Spell Capital Partners Fund V. It is now investing Spell Family Office capital in new control equity deals. Additionally, it is investing in its second mezzanine fund, Spell Capital Mezzanine Partners II.

About the Small Business Investor Alliance (SBIA)
The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit or call (202) 628-5055.

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