The United States Small Business Administration (SBA) has declared that the license issued to Patriot Capital II, L.P. to operate as a small business investment company is now null and void. This decision is based on the authority granted under the Small Business Investment Act of 1958 and the corresponding regulations. The announcement was made by Thomas G. Morris, the Acting Associate Administrator and Director of the Office of SBIC Liquidation within the Office of Investment and Innovation.
Simple Explanation
The Small Business Administration (SBA) has said that Patriot Capital II, L.P. can no longer work as a special helper for small businesses because their permission has been canceled. This means they must stop doing the special job they were licensed for.