Hercules Capital, Inc., formerly Hercules Technology Growth Capital, Inc., is a business development company that provides venture debt, senior secured loans, and growth capital to venture capital-backed companies at all stages, from startups to expansion-stage and established companies, including select public companies and lower middle market firms. It offers financing for acquisitions, recapitalizations, refinancing, management buy-outs, corporate spin-outs, intellectual property acquisition, and international expansion. The firm also provides asset-based financing, equipment loans or leases, working capital lines of credit, and bridge financing to IPO or M&A. It invests primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity, typically in companies that have been operating for at least six to 12 months.