Private equity firm Plexus Capital has finished raising $150 million for its third fund, a fund whose investing potential could double if it gets approval to combine with federal resources.

The Charlotte firm is waiting for final approval from the Small Business Administration that would allow Plexus’ private capital to be combined with the same amount from the SBA to create Plexus Fund III. Plexus is already in good standing with the SBA. The firm has just been named the U.S. Small Business Investment Company (SBIC) of the Year for 2013, topping more than 300 other SBICs in the country. Plexus will receive the award on June 21 in Washington, D.C.

The SBIC program, administered by the SBA, is a private-public partnership created in 1958 to fill the gap between the availability of growth capital and the needs of small businesses. Plexus invests in privately-held, lower middle-market companies across a broad range of industries throughout the country. As an SBIC, Plexus must meet strict SBA criteria in providing subordinated debt and equity capital to companies.

“Being named the nation’s Small Business Investment Company of 2013 speaks to the value we are providing to our investors and small businesses across the country,” Plexus Capital Managing Partner Bob Anders said in a statement.

The SBA said it selected Plexus as the top SBIC based on award criteria that included portfolio company revenue and employment growth, strong commitment to overall business growth, management of portfolio companies and participation in the small business community. Plexus says it has investments in more than 50 companies.