Exhibit 24

                               POWER OF ATTORNEY

           I, Steven M. Looney, a director of Saratoga Investment Corp. (the
"Corporation"), hereby authorize and designate each of Christian L. Oberbeck and
Henri Steenkamp as my agent and attorney-in-fact, with full power of
substitution to:

           (1)  prepare and sign on my behalf any Form 3, Form 4 or Form 5 under
Section l6 of the Securities Exchange Act of 1934, as amended, and file the same
with the Securities and Exchange Commission and each stock exchange on which the
Corporation's stock is listed:

           (2)  prepare and sign on my behalf any Form 144 Notice under the
Securities Act of 1933, as amended, and file the same with the Securities and
Exchange Commission; and

           (3)  take any other action of any type whatsoever in connection with
the foregoing which, in the opinion of such attorney-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.

           The undersigned hereby grants to each such attorney-in-fact full
power and authority to do and perform any and every act and thing whatsoever
requisite, necessary or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this power of attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorneys-in-fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Corporation assuming, any of the
undersigned's responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934, as amended, or Section 5 of the Securities Act of 1933, as
amended, or Rule 144 promulgated under such Act.

           This Power of Attorney shall remain in effect until the undersigned
is no longer required to file Forms 3, 4, 5 and 144 with respect to the
undersigned's holdings of and transactions in securities issued by the
Corporation, unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorneys-in-fact.


DATED:   November 24, 2015         SIGNED: Steven M. Looney
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                                           Steven M. Looney