SBA Extends Deadlines for 2014 Early Stage SBIC Applicants

April 4, 2014

On April 3, 2014, the Small Business Administration (SBA) extended the deadlines by which experienced early stage fund managers must submit initial materials to be considered for an Early Stage Small Business Investment Company (SBIC) license. The revised deadlines are as follows:

Milestones Dates/Times
     Question and Answer Period Closes May 16, 2014, at 5:00 p.m. ET
Initial Review Period  
     MAQ Questionnaires Due  May 16, 2014, at 5:00 p.m. ET
     Interview Period June 30, 2014-July 8, 2014
     Anticipated Greenlight Decision June 30, 2014-July 8, 2014
Licensing Periods  
     Funds with $20 Million of Regulatory
     Capital Seeking a License in
     FY 2014
July 31, 2014, at 5:00 p.m. ET
     Anticipated Licensing Date for
     FY 2014 Funds
Sept. 30, 2014
     All Other Funds Have 12 Months
     from Issuance of a Greenlight to
     Submit Their License Application
Applications Considered as They Are Received

Under President Obama’s “Startup America” initiative, the SBA introduced the Early Stage SBIC in 2012 to focus on investing in early stage small businesses as a means to provide capital to entrepreneurs and encourage innovation.

For a copy of the Management Assessment Questionnaire (MAQ) or any other licensing materials, please contact Mark A. Kromkowski, J. Kevin Boardman, Bryan P. Bylica or Ryan D. Taylor.

The private equity practice group at McGuireWoods 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 Mark A. Kromkowski (312.849.8170), your primary attorney at McGuireWoods, or any of the authors.