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Electronic Code of Federal Regulations

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e-CFR Data is current as of July 25, 2014

TITLE 13—Business Credit and Assistance

CHAPTER I—SMALL BUSINESS ADMINISTRATION

PART 108—NEW MARKETS VENTURE CAPITAL (“NMVC”) PROGRAM

rule

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.
rule

Subpart B—DEFINITION OF TERMS USED IN THIS PART 108

§108.50
Definition of terms.
rule

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.
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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.
rule

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.
rule

Subpart F—CHANGES IN OWNERSHIP, STRUCTURE, OR CONTROL

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.

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.
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Subpart G—MANAGING THE OPERATIONS 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.

Management and Compensation

§108.510
SBA approval of NMVC Company's Investment Adviser/Manager.
§108.520
Management Expenses of a NMVC Company.

Cash Management by a NMVC Company

§108.530
Restrictions on investments of idle funds by NMVC Companies.

Borrowing by NMVC Companies From Non-SBA Sources

§108.550
Prior approval of secured third-party debt of NMVC companies.

Voluntary Decrease in Regulatory Capital

§108.585
Voluntary decrease in NMVC Company's Regulatory Capital.
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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.
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Subpart I—FINANCING OF SMALL BUSINESSES BY NMVC COMPANIES

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.

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.

Management Services and Fees

§108.900
Fees for management services provided to a Small Business by a NMVC Company or its Associate.
rule

Subpart J—SBA FINANCIAL ASSISTANCE FOR NMVC COMPANIES (LEVERAGE)

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.

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.

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.
rule

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.
rule

Subpart L—ENDING OPERATIONS AS A NMVC COMPANY

§108.1900
Termination of participation as a NMVC Company.
rule

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
rule

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.


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