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.