Hercules Capital, Inc.

When a venture-backed startup needs debt instead of another equity round, Hercules Capital is one of the firms it calls. Structured as a business development company, Hercules lends to fast-growing technology and life-sciences businesses, the kind that are burning cash and not yet profitable, and it often takes warrants that pay off if the borrower succeeds. That model sits between a bank and a venture investor. Because it is a BDC, Hercules must pass most of its income to shareholders, which is why the stock is followed mainly for its large dividend. Its returns depend on the health of the venture market and on keeping loan losses low when startups fail. Founded in 2003 and based in the San Francisco Bay Area, it has committed well over $20 billion since inception.

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