Part 108 — New Markets Venture Capital (“NMVC”) Program
Subpart A — Introduction to Part 108
Subpart B — Definition of Terms Used in This Part 108
Subpart C — Qualifications for the NMVC Program
- § 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.
- § 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
Subpart E — Evaluation and Selection of NMVC Companies
Subpart F — Changes in Ownership, Structure, or Control
- § 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.
- § 108.460— Restrictions on Common Control or ownership of two (or more) NMVC Companies.
- § 108.470— SBA approval of merger, consolidation, or reorganization of NMVC Company.
Subpart G — Managing the Operations of a NMVC Company
- § 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.
- § 108.510— SBA approval of NMVC Company's Investment Adviser/Manager.
- § 108.520— Management Expenses of a NMVC Company.
- § 108.530— Restrictions on investments of idle funds by NMVC Companies.
- § 108.550— Prior approval of secured third-party debt of NMVC companies.
- § 108.585— Voluntary decrease in NMVC Company's Regulatory Capital.
Subpart H — Recordkeeping, Reporting, and Examination 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.
- § 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.
- § 108.690— Examinations.
- § 108.691— Responsibilities of NMVC Company during examination.
- § 108.692— Examination fees.
Subpart I — Financing of Small Businesses by NMVC Companies
- § 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.
- § 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.
- § 108.885— Disposition of assets to NMVC Company's Associates.
- § 108.900— Fees for management services provided to a Small Business by a NMVC Company or its Associate.
Subpart J — SBA Financial Assistance for NMVC Companies (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.
- § 108.1150— Maximum amount of 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.
- § 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.
- § 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
Subpart L — Ending Operations 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.