SBA Announces Release of New SBIC Management Assessment Questionnaire and License Application

February 6, 2014

The Small Business Administration (SBA) announced its release of a new Management Assessment Questionnaire (MAQ) and License Application for the Small Business Investment Company (SBIC) program to increase user-friendliness and align its due diligence process with the application materials. The SBA also removed outdated questions from the narrative portion of the MAQ and rewrote other questions to obtain more useful responses from fund managers.

The SBA is adopting an implementation schedule for applicants that began preparing their SBIC applications with the prior versions of the MAQ and License Application. The implementation schedule is as follows:

  • Early Stage SBIC applications due on March 28, 2014, must use the new version of the MAQ
  • On April 1, 2014, all MAQ submissions must use the new MAQ
  • On May 1, 2014, all License Application submissions must use the new License Application

For a copy of the new application materials, please contact Mark A. Kromkowski, Bryan P. Bylica or Ryan D. Taylor.

The private equity team at McGuireWoods LLP is dedicated to keeping clients advised of new legislative and business developments as they occur. If you have any questions regarding these issues, please feel free to contact your primary attorney at McGuireWoods LLP or any of the authors.

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