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removed outdated questions from the narrative portion of the MAQ and rewrote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
For a copy of the new application materials, please contact
Bylica or Ryan D.
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.