Small Business Administration Announces Streamlined Process for Fund Managers Seeking New License to Operate SBIC Fund

March 9, 2010

On Feb. 16, 2010, the Small Business Administration’s Investment Division announced the completion of revisions to the Management Assessment Questionnaire (MAQ), the initial gating document for fund managers seeking to form a Small Business Investment Company (SBIC Fund). Intended to streamline the licensing process and enhance the Investment Division’s ability to assess a manager’s investment experience, the revisions clarify the SBIC license application process. Read-only versions of the MAQ and exhibits, including populated examples for Exhibit F, are available online.

The Investment Division is aware that many applicants may have already begun completing the MAQ using the previous version of Exhibit F. Use of the prior version will be acceptable until April 1, 2010.

The Private Equity practice at McGuireWoods LLP is dedicated to keeping clients advised of new business developments as they occur. If you have any questions regarding these proposed changes, please feel free to contact the authors or your primary attorney at McGuireWoods LLP.