TULSA, Okla. , Aug. 14, 2024 /PRNewswire/ -- Twain Private Credit proudly announces the launch of its Truman Fund, following approval from the U.
S. Small Business Administration (SBA) for a new Small Business Investment Company (SBIC) license. This landmark achievement marks the long-awaited presence of an active SBIC in Oklahoma , unlocking a windfall of capital for local businesses looking to grow and expand.
Twain Private Credit and the Truman Fund will also have offices and active investment in Texas , Mississippi and Tennessee . The SBIC program, managed by the SBA, is a highly competitive initiative designed to provide long-term capital to small businesses across the United States . SBA commits up to $5 billion annually to provide low-cost loans to scale and enhance the risk-adjusted returns of private equity and private credit funds focused on investing in U.
S. small businesses and startups. Gaining approval for an SBIC license is a rigorous process, indicating a high level of confidence from the SBA in Oklahoma , Texas , and the southeast's economic environment as well as Twain Private Credit's capability to manage and deploy capital effectively.
This approval is particularly noteworthy as it brings an active SBIC to Oklahoma for the first time on record, signaling a renewed commitment to the state's entrepreneurial ecosystem. The Truman Fund is set to raise substantial private capital, which it will leverage alongside capital from the SBA, to provide financial suppor.