Spring Capital

Spring Capital's fourth fund operates as a Small Business Investment Company licensed by the US Small Business Administration. The SBIC license provides access to federally guaranteed leverage, lowering its cost of capital and enabling it to offer patient, flexible terms to smaller companies. It also subjects the firm to SBA regulations on investment size and portfolio composition.

Spring Capital invests directly into operating companies. The firm provides junior capital solutions — sub debt and minority equity — for growth, acquisitions, management buyouts, and recapitalizations. It does not market itself as making commitments to external funds.

Spring targets growing small and medium-sized businesses throughout the United States. Current portfolio companies are located in over 20 states, with notable concentrations in the Mid-Atlantic, Midwest, and Southeast, and select positions on the West Coast and in Texas.

Spring positions its capital as less dilutive than pure equity and more flexible than senior bank debt. The firm states that its principals have decades of experience across venture capital, commercial banking, investment banking, and operating roles, and that they tailor investment structures to each company's needs rather than applying a standard term sheet.