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SBIA Congratulates 2024 SBIC of the Year Award Recipients Mizzen Capital and Argosy Private Equity

The U.S. Small Business Administration recognized Argosy Private Equity as SBIC Established Manager of the Year and Mizzen Capital as SBIC Emerging Manager of the Year this week as part of National Small Business Week

WASHINGTON, DC (May 1, 2024) – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, is pleased to recognize that two of our members – Mizzen Capital of Stamford, CT, and Argosy Private Equity of Wayne, PA, – have been awarded this year’s Small Business Investment Company (SBIC) of the Year Award by the U.S. Small Business Administration (SBA). Argosy Private Equity was recognized as an Established Manager, and Mizzen Capital as an Emerging Manager.

“We are extremely proud that Mizzen Capital and Argosy Private Equity have been recognized for their strong 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 critical for growth and job creation."

Small Business Investment Company (SBIC) of the Year Award – Established Manager
Argosy Private Equity
Keven Shanahan, Managing Partner
Lane Wiggers, Managing Partner
Michael Bailey, Partner
Don Charlton, Operating Partner
Kirk Griswold, Founding Partner
John Kirwin, Founding Partner
Wayne, Pennsylvania

Argosy targets its lower middle market investing in family- and founder-led businesses, with a majority being in smaller enterprises. Argosy’s focus includes niche manufacturing and B2B services companies largely located outside urban and suburban areas, including Low- or Moderate-Income (LMI) areas and HUBZones. Since 1997, Argosy has invested $1 billion into 135 small businesses headquartered across 34 states with operations in 45 states and employing over 46,000 employees. Argosy has a track-record of increasing revenue by 56% by the third year of investment and has achieved an average 44% job creation rate per company.

“As SBICs typically serve as the initial source of institutional capital for small businesses, we are grateful for our involvement in the program and the impact it has on our communities," said Lane Wiggers, Managing Partner of Argosy Private Equity. “This recognition highlights our commitment to supporting small businesses as we partner together to seek sustainable growth.”

Small Business Investment Company (SBIC) of the Year Award – Emerging Manager
Mizzen Capital, LP
Marilyn Adler, Managing Partner
Elizabeth ‘Liddy’ Karter, Managing Partner
Stamford, Connecticut

A certified women- and minority-owned firm, Mizzen Capital targets its investing activities in companies across a wide range of industries, including manufacturing, industrial, business services, healthcare services, information technology, and energy transition. Since SBIC licensing in 2020, Mizzen has invested in 36 companies, with approximately 44% located in low-income areas and 64% in smaller enterprises, creating a projected 1,724 jobs.

Marilyn Adler, Managing Partner of Mizzen Capital, said, “We are truly humbled and thrilled to receive the 2024 SBIC Emerging Manager of the Year award from the SBA. This recognition is a testament to our team’s unwavering commitment to supporting small businesses and job growth, driving innovation in the credit sector.”

Today, there are more than 300 licensed SBIC funds* representing $30+ billion in domestic capital. SBIA works closely with the SBA and with members of Congress to ensure the vibrancy of the program continues, and that it expands to underserved areas.

In August 2023, SBA implemented significant reforms to the SBIC program, creating two new SBIC licenses to expand the spectrum of private sector capital supporting U.S. small businesses**. The Accrual SBIC license is designed to support longer-term equity investments. The Reinvestor SBIC license aims to increase the geographic reach of the program and foster the next generation of fund managers.

Fund management teams that successfully complete the SBIC application process may 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.

*As of June 30, 2023, there were 302 licensed and operating Debenture SBICs with private capital of $22.8 billion and $12.5 billion in outstanding leverage. Learn more facts about the program on SBIA’s SBIC Council webpage.
**Visit the 2023 SBIC Investment Diversification and Growth Rule page on the SBIA website to find more information and policy summaries about the changes to the program.


About Argosy Private Equity
Argosy Private Equity, founded in 1990, specializes in providing capital and operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and attractive growth prospects.
Argosy Private Equity is a division of Argosy Capital Group, Inc. (“Argosy Capital”) together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners and Argosy Healthcare Partners. Argosy Capital is a national investment adviser with approximately $3.4 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies. Learn more about Argosy at

About Mizzen Capital, L.P.
Mizzen is a direct lending platform providing loans to U.S. based small businesses from both SBIC and non-SBIC funds. Mizzen focuses primarily on companies that provide essential goods and services in non-cyclical industries including manufacturing, business and healthcare services, IT, software, and energy transition. Mizzen invests alongside owners, managers and sponsors to provide capital for working capital, growth, recapitalizations and acquisitions. Further information is available at

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 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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