13 C.F.R. PART 108--NEW MARKETS VENTURE CAPITAL (''NMVC'') PROGRAM
TITLE 13--Business Credit and Assistance
CHAPTER I--SMALL BUSINESS ADMINISTRATION
PART 108--NEW MARKETS VENTURE CAPITAL (''NMVC'') PROGRAM
Subpart A--INTRODUCTION TO PART 108
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| Description of the New Markets Venture Capital Program.
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| Legal basis and applicability of this part 108.
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| Amendments to Act and regulations.
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| How to read this part 108.
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Subpart B--DEFINITION OF TERMS USED IN THIS PART 108
Subpart C--QUALIFICATIONS FOR THE NMVC PROGRAM
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| Economic development primary mission.
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| Identified Low Income Geographic Areas.
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| SBA approval of initial Management Expenses.
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| Management and ownership diversity requirement.
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| Special rules for NMVC Companies formed as limited partnerships.
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| Adequate capital for NMVC Companies.
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| Minimum capital requirements for NMVC Companies.
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| Private Capital for NMVC Companies.
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Subpart D--APPLICATION AND APPROVAL PROCESS FOR NMVC COMPANY DESIGNATION
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| When and how to apply for designation as a NMVC Company.
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| Contents of comprehensive business plan.
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Subpart E--EVALUATION AND SELECTION OF NMVC COMPANIES
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| Evaluation and selection--general.
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| Eligibility and completeness.
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| Final approval as a NMVC Company.
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Subpart F--CHANGES IN OWNERSHIP, STRUCTURE, OR CONTROL
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| Changes in ownership of 10 percent or more of NMVC Company but no change of Control.
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| Changes in Control of NMVC Company (through change in ownership or otherwise).
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| Prohibition on exercise of ownership or Control rights in NMVC Company before SBA approval.
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| Notification to SBA of transactions that may change ownership or Control.
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| Standards governing prior SBA approval for a proposed transfer of Control.
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| Notification to SBA of pledge of NMVC Company's shares.
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| Restrictions on Common Control or ownership of two (or more) NMVC Companies.
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| SBA approval of merger, consolidation, or reorganization of NMVC Company.
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Subpart G--MANAGING THE OPERATIONS OF A NMVC COMPANY
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| Lawful operations under the Act.
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| Representations to the public.
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| NMVC Company's adoption of an approved valuation policy.
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| Equipment and office requirements.
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| Safeguarding the NMVC Company's assets/Internal controls.
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| Violations based on false filings and nonperformance of agreements with SBA.
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| Employment of SBA officials.
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| SBA approval of NMVC Company's Investment Adviser/Manager.
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| Management Expenses of a NMVC Company.
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| Restrictions on investments of idle funds by NMVC Companies.
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| Prior approval of secured third-party debt of NMVC companies.
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| Voluntary decrease in NMVC Company's Regulatory Capital.
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Subpart H--RECORDKEEPING, REPORTING, AND EXAMINATION REQUIREMENTS FOR NMVC COMPANIES
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| General requirement for NMVC Company to maintain and preserve records.
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| Required certifications for Loans and Investments.
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| Requirements to obtain information from Portfolio Concerns.
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| Requirement for NMVC companies to file financial statements and supplementary information with SBA (SBA Form 468).
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| Requirement to file portfolio financing reports (SBA Form 1031).
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| Requirement to report portfolio valuations to SBA.
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| Other items required to be filed by NMVC Company with SBA.
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| Reporting changes in NMVC Company not subject to prior SBA approval.
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| Responsibilities of NMVC Company during examination.
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Subpart I--FINANCING OF SMALL BUSINESSES BY NMVC COMPANIES
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| Compliance with size standards in part 121 of this chapter as a condition of Assistance.
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| Requirement to finance Low-Income Enterprises.
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| Small Businesses that may be ineligible for financing.
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| Financings which constitute conflicts of interest.
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| Portfolio diversification (''overline'' limitation).
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| How a change in size or activity of a Portfolio Concern affects the NMVC Company and the Portfolio Concern.
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| Financings in the form of equity interests.
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| Financings in the form of guarantees.
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| Purchasing securities from an underwriter or other third party.
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| Disposition of assets to NMVC Company's Associates.
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| Fees for management services provided to a Small Business by a NMVC Company or its Associate.
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Subpart J--SBA FINANCIAL ASSISTANCE FOR NMVC COMPANIES (LEVERAGE)
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| Type of Leverage and application procedures.
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| General eligibility requirement for Leverage.
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| Leverage fees payable by NMVC Company.
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| NMVC Company's acceptance of SBA remedies under 108.1810.
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| Maximum amount of Leverage for a NMVC Company.
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| SBA's Leverage commitment to a NMVC Company--application procedure, amount, and term.
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| Requirement for NMVC Company to file financial statements at the time of request for a draw.
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| Draw-downs by NMVC Company under SBA's Leverage commitment.
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| Funding of NMVC Company's draw request through sale to third-party.
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| SBA authority to issue and guarantee Trust Certificates.
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| Effect of prepayment or early redemption of Leverage on a Trust Certificate.
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| Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent.
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| SBA regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates.
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| SBA access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers.
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| Transfer by SBA of its interest in a NMVC Company's Leverage security.
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| SBA authority to collect or compromise its claims.
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| Characteristics of SBA's guarantee.
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Subpart K--NMVC COMPANY'S NONCOMPLIANCE WITH TERMS OF LEVERAGE
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| Events of default and SBA's remedies for NMVC Company's noncompliance with terms of Debentures.
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| NMVC Company's Capital Impairment definition and general requirements.
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| Computation of NMVC Company's Capital Impairment Percentage.
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Subpart L--ENDING OPERATIONS AS A NMVC COMPANY
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| Termination of participation as a NMVC Company.
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Subpart M--MISCELLANEOUS
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| Non-waiver of SBA's rights or terms of Leverage security.
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| NMVC Company's application for exemption from a regulation in this part 108.
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| Effect of changes in this part 108 on transactions previously consummated.
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| Procedures for designation of additional Low-Income Geographic Areas
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Subpart N--REQUIREMENTS AND PROCEDURES FOR OPERATIONAL ASSISTANCE GRANTS TO NMVC COMPANIES AND SSBICS
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| Operational Assistance Grants to NMVC Companies and SSBICs.
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| When and how SSBICs may apply for Operational Assistance grants.
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| Eligibility of SSBICs to apply for Operational Assistance grants.
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| Grant issuance fee for SSBICs.
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| Contents of application submitted by SSBICs.
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| Contents of plan submitted by SSBICs.
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| Evaluation and selection of SSBICs.
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| Restrictions on use of Operational Assistance grant funds.
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| Amount of Operational Assistance grant.
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| Reporting and recordkeeping requirements.
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