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Code of Federal Regulations (Last Updated: April 5, 2024) |
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Title 13 - Business Credit and Assistance |
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Chapter I - Small Business Administration |
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Part 108 - New Markets Venture Capital (“NMVC”) Program |
| Subpart A - Introduction to Part 108 |
| § 108.10 - Description of the New Markets Venture Capital Program. |
| § 108.20 - Legal basis and applicability of this part 108. |
| § 108.30 - Amendments to Act and regulations. |
| § 108.40 - How to read this part 108. |
| Subpart B - Definition of Terms Used in This Part 108 |
| § 108.50 - Definition of terms. |
| Subpart C - Qualifications for the NMVC Program |
| Organizing a NMVC Company |
| § 108.100 - Business form. |
| § 108.110 - Qualified management. |
| § 108.120 - Economic development primary mission. |
| § 108.130 - Identified Low Income Geographic Areas. |
| § 108.140 - SBA approval of initial Management Expenses. |
| § 108.150 - Management and ownership diversity requirement. |
| § 108.160 - Special rules for NMVC Companies formed as limited partnerships. |
| Capitalizing a NMVC Company |
| § 108.200 - Adequate capital for NMVC Companies. |
| § 108.210 - Minimum capital requirements for NMVC Companies. |
| § 108.230 - Private Capital for NMVC Companies. |
| Subpart D - Application and Approval Process for NMVC Company Designation |
| § 108.300 - When and how to apply for designation as a NMVC Company. |
| § 108.310 - Contents of application. |
| § 108.320 - Contents of comprehensive business plan. |
| § 108.330 - Grant issuance fee. |
| Subpart E - Evaluation and Selection of NMVC Companies |
| § 108.340 - Evaluation and selection - general. |
| § 108.350 - Eligibility and completeness. |
| § 108.360 - Evaluation criteria. |
| § 108.370 - Conditional approval. |
| § 108.380 - Final approval as a NMVC Company. |
| Subpart F - Changes in Ownership, Structure, or Control |
| Restrictions on Common Control or Ownership of Two or More NMVC Companies |
| § 108.460 - Restrictions on Common Control or ownership of two (or more) NMVC Companies. |
| Change in Structure of NMVC Company |
| § 108.470 - SBA approval of merger, consolidation, or reorganization of NMVC Company. |
| Changes in Control or Ownership of NMVC Company |
| § 108.400 - Changes in ownership of 10 percent or more of NMVC Company but no change of Control. |
| § 108.410 - Changes in Control of NMVC Company (through change in ownership or otherwise). |
| § 108.420 - Prohibition on exercise of ownership or Control rights in NMVC Company before SBA approval. |
| § 108.430 - Notification to SBA of transactions that may change ownership or Control. |
| § 108.440 - Standards governing prior SBA approval for a proposed transfer of Control. |
| § 108.450 - Notification to SBA of pledge of NMVC Company's shares. |
| Subpart G - Managing the Operations of a NMVC Company |
| Voluntary Decrease in Regulatory Capital |
| § 108.585 - Voluntary decrease in NMVC Company's Regulatory Capital. |
| Cash Management by a NMVC Company |
| § 108.530 - Restrictions on investments of idle funds by NMVC Companies. |
| Management and Compensation |
| § 108.510 - SBA approval of NMVC Company's Investment Adviser/Manager. |
| § 108.520 - Management Expenses of a NMVC Company. |
| General Requirements |
| § 108.500 - Lawful operations under the Act. |
| § 108.502 - Representations to the public. |
| § 108.503 - NMVC Company's adoption of an approved valuation policy. |
| § 108.504 - Equipment and office requirements. |
| § 108.506 - Safeguarding the NMVC Company's assets/Internal controls. |
| § 108.507 - Violations based on false filings and nonperformance of agreements with SBA. |
| § 108.509 - Employment of SBA officials. |
| Borrowing by NMVC Companies from Non-SBA Sources |
| § 108.550 - Prior approval of secured third-party debt of NMVC companies. |
| Subpart H - Recordkeeping, Reporting, and Examination Requirements for NMVC Companies |
| Recordkeeping Requirements for NMVC Companies |
| § 108.600 - General requirement for NMVC Company to maintain and preserve records. |
| § 108.610 - Required certifications for Loans and Investments. |
| § 108.620 - Requirements to obtain information from Portfolio Concerns. |
| Reporting Requirements for NMVC Companies |
| § 108.630 - Requirement for NMVC companies to file financial statements and supplementary information with SBA (SBA Form 468). |
| § 108.640 - Requirement to file portfolio financing reports (SBA Form 1031). |
| § 108.650 - Requirement to report portfolio valuations to SBA. |
| § 108.660 - Other items required to be filed by NMVC Company with SBA. |
| § 108.680 - Reporting changes in NMVC Company not subject to prior SBA approval. |
| Examinations of NMVC Companies by SBA for Regulatory Compliance |
| § 108.690 - Examinations. |
| § 108.691 - Responsibilities of NMVC Company during examination. |
| § 108.692 - Examination fees. |
| Subpart I - Financing of Small Businesses by NMVC Companies |
| Management Services and Fees |
| § 108.900 - Fees for management services provided to a Small Business by a NMVC Company or its Associate. |
| Structuring NMVC Company'S Financing of Eligible Small Businesses |
| § 108.800 - Financings in the form of equity interests. |
| § 108.820 - Financings in the form of guarantees. |
| § 108.825 - Purchasing securities from an underwriter or other third party. |
| Limitations on Disposition of Assets |
| § 108.885 - Disposition of assets to NMVC Company's Associates. |
| Determining the Eligibility of a Small Business for NMVC Financing |
| § 108.700 - Compliance with size standards in part 121 of this chapter as a condition of Assistance. |
| § 108.710 - Requirement to finance Low-Income Enterprises. |
| § 108.720 - Small Businesses that may be ineligible for financing. |
| § 108.730 - Financings which constitute conflicts of interest. |
| § 108.740 - Portfolio diversification (“overline” limitation). |
| § 108.760 - How a change in size or activity of a Portfolio Concern affects the NMVC Company and the Portfolio Concern. |
| Subpart J - SBA Financial Assistance for NMVC Companies (Leverage) |
| Maximum Amount of Leverage for Which a NMVC Company Is Eligible |
| § 108.1150 - Maximum amount of Leverage for a NMVC Company. |
| Conditional Commitments by SBA to Reserve Leverage for a NMVC Company |
| § 108.1200 - SBA's Leverage commitment to a NMVC Company - application procedure, amount, and term. |
| § 108.1220 - Requirement for NMVC Company to file financial statements at the time of request for a draw. |
| § 108.1230 - Draw-downs by NMVC Company under SBA's Leverage commitment. |
| § 108.1240 - Funding of NMVC Company's draw request through sale to third-party. |
| Funding Leverage by Use of SBA Guaranteed Trust Certificates (“Tcs”) |
| § 108.1600 - SBA authority to issue and guarantee Trust Certificates. |
| § 108.1610 - Effect of prepayment or early redemption of Leverage on a Trust Certificate. |
| § 108.1620 - Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent. |
| § 108.1630 - SBA regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates. |
| § 108.1640 - SBA access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers. |
| General Information About Obtaining Leverage |
| § 108.1100 - Type of Leverage and application procedures. |
| § 108.1120 - General eligibility requirement for Leverage. |
| § 108.1130 - Leverage fees payable by NMVC Company. |
| § 108.1140 - NMVC Company's acceptance of SBA remedies under § 108.1810. |
| Miscellaneous |
| § 108.1700 - Transfer by SBA of its interest in a NMVC Company's Leverage security. |
| § 108.1710 - SBA authority to collect or compromise its claims. |
| § 108.1720 - Characteristics of SBA's guarantee. |
| Subpart K - NMVC Company's Noncompliance With Terms of Leverage |
| § 108.1810 - Events of default and SBA's remedies for NMVC Company's noncompliance with terms of Debentures. |
| Computation of NMVC Company'S Capital Impairment |
| § 108.1830 - NMVC Company's Capital Impairment definition and general requirements. |
| § 108.1840 - Computation of NMVC Company's Capital Impairment Percentage. |
| Subpart L - Ending Operations as a NMVC Company |
| § 108.1900 - Termination of participation as a NMVC Company. |
| Subpart M - Miscellaneous |
| § 108.1910 - Non-waiver of SBA's rights or terms of Leverage security. |
| § 108.1920 - NMVC Company's application for exemption from a regulation in this part 108. |
| § 108.1930 - Effect of changes in this part 108 on transactions previously consummated. |
| § 108.1940 - Procedures for designation of additional Low-Income Geographic Areas |
| Subpart N - Requirements and Procedures for Operational Assistance Grants to NMVC Companies and SSBICs |
| § 108.2000 - Operational Assistance Grants to NMVC Companies and SSBICs. |
| § 108.2001 - When and how SSBICs may apply for Operational Assistance grants. |
| § 108.2002 - Eligibility of SSBICs to apply for Operational Assistance grants. |
| § 108.2003 - Grant issuance fee for SSBICs. |
| § 108.2004 - Contents of application submitted by SSBICs. |
| § 108.2005 - Contents of plan submitted by SSBICs. |
| § 108.2006 - Evaluation and selection of SSBICs. |
| § 108.2007 - Grant award to SSBICs. |
| § 108.2010 - Restrictions on use of Operational Assistance grant funds. |
| § 108.2020 - Amount of Operational Assistance grant. |
| § 108.2030 - Matching requirements. |
| § 108.2040 - Reporting and recordkeeping requirements. |