Conventional venture capitalists are writing smaller checks and funding fewer deals these days, but the U.S. Small Business Administration’s venture capital program is growing.
The program—officially called the Small Business Investment Company debenture program—forked over a record $2.95 billion to 1,094 small businesses in fiscal year 2012, which ended Sept. 30. That’s a 14 percent increase over last year’s $2.59 billion, and an 85 percent increase from 2010, which was also a record year for the program.
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