| 13:1.0.1.1.7.1 | SUBPART A
| Subpart A - Introduction to Part 107 | |
| 13:1.0.1.1.7.1.35.1 | SECTION 107.20
| 107.20 Legal basis and applicability of this part 107. | |
| 13:1.0.1.1.7.1.35.2 | SECTION 107.30
| 107.30 Amendments to Act and regulations. | |
| 13:1.0.1.1.7.1.35.3 | SECTION 107.40
| 107.40 How to read this part 107. | |
| 13:1.0.1.1.7.2 | SUBPART B
| Subpart B - Definition of Terms Used in Part 107 | |
| 13:1.0.1.1.7.2.35.1 | SECTION 107.50
| 107.50 Definition of terms. | |
| 13:1.0.1.1.7.3 | SUBPART C
| Subpart C - Qualifying for an SBIC License | |
| 13:1.0.1.1.7.3.35 | SUBJGRP 35
| Organizing an SBIC | |
| 13:1.0.1.1.7.3.35.1 | SECTION 107.100
| 107.100 Organizing a Section 301(c) Licensee. | |
| 13:1.0.1.1.7.3.35.2 | SECTION 107.115
| 107.115 1940 Act and 1980 Act Companies. | |
| 13:1.0.1.1.7.3.35.3 | SECTION 107.120
| 107.120 Special rules for a Section 301(d) Licensee owned by another Licensee. | |
| 13:1.0.1.1.7.3.35.4 | SECTION 107.130
| 107.130 Requirement for qualified management. | |
| 13:1.0.1.1.7.3.35.5 | SECTION 107.140
| 107.140 SBA approval of initial Management Expenses. | |
| 13:1.0.1.1.7.3.35.6 | SECTION 107.150
| 107.150 Management-ownership diversity requirement. | |
| 13:1.0.1.1.7.3.35.7 | SECTION 107.160
| 107.160 Special rules for Licensees formed as limited partnerships. | |
| 13:1.0.1.1.7.3.36 | SUBJGRP 36
| Capitalizing an SBIC | |
| 13:1.0.1.1.7.3.36.8 | SECTION 107.200
| 107.200 Adequate capital for Licensees. | |
| 13:1.0.1.1.7.3.36.9 | SECTION 107.210
| 107.210 Minimum capital requirements for Licensees. | |
| 13:1.0.1.1.7.3.36.10 | SECTION 107.230
| 107.230 Permitted sources of Private Capital for Licensees. | |
| 13:1.0.1.1.7.3.36.11 | SECTION 107.240
| 107.240 Limitations on including non-cash capital contributions in Private Capital. | |
| 13:1.0.1.1.7.3.36.12 | SECTION 107.250
| 107.250 Exclusion of stock options issued by Licensee from Management Expenses. | |
| 13:1.0.1.1.7.3.37 | SUBJGRP 37
| Applying for an SBIC License | |
| 13:1.0.1.1.7.3.37.13 | SECTION 107.300
| 107.300 License application form and fee. | |
| 13:1.0.1.1.7.3.37.14 | SECTION 107.305
| 107.305 Evaluation of license applicants. | |
| 13:1.0.1.1.7.3.37.15 | SECTION 107.310
| 107.310 When and how to apply for licensing as an Early Stage SBIC. | |
| 13:1.0.1.1.7.3.37.16 | SECTION 107.320
| 107.320 Evaluation of Early Stage SBICs. | |
| 13:1.0.1.1.7.4 | SUBPART D
| Subpart D - Changes in Ownership, Control, or Structure of Licensee; Transfer of License | |
| 13:1.0.1.1.7.4.38 | SUBJGRP 38
| Changes in Control or Ownership of Licensee | |
| 13:1.0.1.1.7.4.38.1 | SECTION 107.400
| 107.400 Changes in ownership of 10 percent or more of Licensee but no change of Control. | |
| 13:1.0.1.1.7.4.38.2 | SECTION 107.410
| 107.410 Changes in Control of Licensee (through change in ownership or otherwise). | |
| 13:1.0.1.1.7.4.38.3 | SECTION 107.420
| 107.420 Prohibition on exercise of ownership or Control rights in Licensee before SBA approval. | |
| 13:1.0.1.1.7.4.38.4 | SECTION 107.430
| 107.430 Notification to SBA of transactions that may change ownership or Control. | |
| 13:1.0.1.1.7.4.38.5 | SECTION 107.440
| 107.440 Standards governing prior SBA approval for a proposed transfer of Control. | |
| 13:1.0.1.1.7.4.38.6 | SECTION 107.450
| 107.450 Notification to SBA of pledge of Licensee's shares. | |
| 13:1.0.1.1.7.4.39 | SUBJGRP 39
| Restrictions on Common Control or Ownership of Two or More Licensees | |
| 13:1.0.1.1.7.4.39.7 | SECTION 107.460
| 107.460 Restrictions on Common Control or ownership of two (or more) Licensees. | |
| 13:1.0.1.1.7.4.40 | SUBJGRP 40
| Change in Structure of Licensee | |
| 13:1.0.1.1.7.4.40.8 | SECTION 107.470
| 107.470 SBA approval of merger, consolidation, or reorganization of Licensee. | |
| 13:1.0.1.1.7.4.41 | SUBJGRP 41
| Transfer of License | |
| 13:1.0.1.1.7.4.41.9 | SECTION 107.475
| 107.475 Transfer of license. | |
| 13:1.0.1.1.7.5 | SUBPART E
| Subpart E - Managing the Operations of a Licensee | |
| 13:1.0.1.1.7.5.42 | SUBJGRP 42
| General Requirements | |
| 13:1.0.1.1.7.5.42.1 | SECTION 107.500
| 107.500 Lawful operations under the Act. | |
| 13:1.0.1.1.7.5.42.2 | SECTION 107.501
| 107.501 Identification as a Licensee. | |
| 13:1.0.1.1.7.5.42.3 | SECTION 107.502
| 107.502 Representations to the public. | |
| 13:1.0.1.1.7.5.42.4 | SECTION 107.503
| 107.503 Licensee's adoption of an approved valuation policy. | |
| 13:1.0.1.1.7.5.42.5 | SECTION 107.504
| 107.504 Equipment and office requirements. | |
| 13:1.0.1.1.7.5.42.6 | SECTION 107.506
| 107.506 Safeguarding Licensee's assets/Internal controls. | |
| 13:1.0.1.1.7.5.42.7 | SECTION 107.507
| 107.507 Violations based on false filings and nonperformance of agreements with SBA. | |
| 13:1.0.1.1.7.5.42.8 | SECTION 107.509
| 107.509 Employment of SBA officials. | |
| 13:1.0.1.1.7.5.43 | SUBJGRP 43
| Management and Compensation | |
| 13:1.0.1.1.7.5.43.9 | SECTION 107.510
| 107.510 SBA approval of Licensee's Investment Adviser/Manager. | |
| 13:1.0.1.1.7.5.43.10 | SECTION 107.520
| 107.520 Management Expenses of a Licensee. | |
| 13:1.0.1.1.7.5.44 | SUBJGRP 44
| Cash Management by a Licensee | |
| 13:1.0.1.1.7.5.44.11 | SECTION 107.530
| 107.530 Restrictions on investments of idle funds by leveraged Licensees. | |
| 13:1.0.1.1.7.5.45 | SUBJGRP 45
| Borrowing by Licensees From Non-SBA Sources | |
| 13:1.0.1.1.7.5.45.12 | SECTION 107.550
| 107.550 Prior approval of secured third-party debt of leveraged Licensees. | |
| 13:1.0.1.1.7.5.45.13 | SECTION 107.560
| 107.560 Subordination of SBA's creditor position. | |
| 13:1.0.1.1.7.5.45.14 | SECTION 107.565
| 107.565 Restrictions on third-party debt of Early Stage SBICs. | |
| 13:1.0.1.1.7.5.45.15 | SECTION 107.570
| 107.570 Restrictions on third-party debt of issuers of Participating Securities. | |
| 13:1.0.1.1.7.5.46 | SUBJGRP 46
| Voluntary Decrease in Licensee's Regulatory Capital | |
| 13:1.0.1.1.7.5.46.16 | SECTION 107.585
| 107.585 Voluntary decrease in Licensee's Regulatory Capital. | |
| 13:1.0.1.1.7.5.47 | SUBJGRP 47
| Requirement To Conduct Active Investment Operations | |
| 13:1.0.1.1.7.5.47.17 | SECTION 107.590
| 107.590 Licensee's requirement to maintain active operations. | |
| 13:1.0.1.1.7.6 | SUBPART F
| Subpart F - Recordkeeping, Reporting, and Examination Requirements for Licensees | |
| 13:1.0.1.1.7.6.48 | SUBJGRP 48
| Recordkeeping Requirements for Licensees | |
| 13:1.0.1.1.7.6.48.1 | SECTION 107.600
| 107.600 General requirement for Licensee to maintain and preserve records. | |
| 13:1.0.1.1.7.6.48.2 | SECTION 107.610
| 107.610 Required certifications for Loans and Investments. | |
| 13:1.0.1.1.7.6.48.3 | SECTION 107.620
| 107.620 Requirements to obtain information from Portfolio Concerns. | |
| 13:1.0.1.1.7.6.49 | SUBJGRP 49
| Reporting Requirements for Licensees | |
| 13:1.0.1.1.7.6.49.4 | SECTION 107.630
| 107.630 Requirement for Licensees to file financial statements with SBA (Form 468). | |
| 13:1.0.1.1.7.6.49.5 | SECTION 107.640
| 107.640 Requirement to file Portfolio Financing Reports (SBA Form 1031). | |
| 13:1.0.1.1.7.6.49.6 | SECTION 107.650
| 107.650 Requirement to report portfolio valuations to SBA. | |
| 13:1.0.1.1.7.6.49.7 | SECTION 107.660
| 107.660 Other items required to be filed by Licensee with SBA. | |
| 13:1.0.1.1.7.6.49.8 | SECTION 107.665
| 107.665 Civil penalties. | |
| 13:1.0.1.1.7.6.49.9 | SECTION 107.670
| 107.670 Application for exemption from civil penalty for late filing of reports. | |
| 13:1.0.1.1.7.6.49.10 | SECTION 107.680
| 107.680 Reporting changes in Licensee not subject to prior SBA approval. | |
| 13:1.0.1.1.7.6.50 | SUBJGRP 50
| Examinations of Licensees by SBA for Regulatory Compliance | |
| 13:1.0.1.1.7.6.50.11 | SECTION 107.690
| 107.690 Examinations. | |
| 13:1.0.1.1.7.6.50.12 | SECTION 107.691
| 107.691 Responsibilities of Licensee during examination. | |
| 13:1.0.1.1.7.6.50.13 | SECTION 107.692
| 107.692 Examination fees. | |
| 13:1.0.1.1.7.7 | SUBPART G
| Subpart G - Financing of Small Businesses by Licensees | |
| 13:1.0.1.1.7.7.51 | SUBJGRP 51
| Determining the Eligibility of a Small Business for SBIC Financing | |
| 13:1.0.1.1.7.7.51.1 | SECTION 107.700
| 107.700 Compliance with size standards in part 121 of this chapter as a condition of Assistance. | |
| 13:1.0.1.1.7.7.51.2 | SECTION 107.710
| 107.710 Requirement to finance smaller enterprises. | |
| 13:1.0.1.1.7.7.51.3 | SECTION 107.720
| 107.720 Small Businesses that may be ineligible for financing. | |
| 13:1.0.1.1.7.7.51.4 | SECTION 107.730
| 107.730 Financings which constitute conflicts of interest. | |
| 13:1.0.1.1.7.7.51.5 | SECTION 107.740
| 107.740 Portfolio diversification (“overline” limitation). | |
| 13:1.0.1.1.7.7.51.6 | SECTION 107.750
| 107.750 Conditions for financing a change of ownership of a Small Business. | |
| 13:1.0.1.1.7.7.51.7 | SECTION 107.760
| 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern. | |
| 13:1.0.1.1.7.7.52 | SUBJGRP 52
| Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing | |
| 13:1.0.1.1.7.7.52.8 | SECTION 107.800
| 107.800 Financings in the form of Equity Securities. | |
| 13:1.0.1.1.7.7.52.9 | SECTION 107.810
| 107.810 Financings in the form of Loans. | |
| 13:1.0.1.1.7.7.52.10 | SECTION 107.815
| 107.815 Financings in the form of Debt Securities. | |
| 13:1.0.1.1.7.7.52.11 | SECTION 107.820
| 107.820 Financings in the form of guarantees. | |
| 13:1.0.1.1.7.7.52.12 | SECTION 107.825
| 107.825 Purchasing securities from an underwriter or other third party. | |
| 13:1.0.1.1.7.7.53 | SUBJGRP 53
| Structuring Licensee's Financing of an Eligible Small Business: Terms and Conditions of Financing | |
| 13:1.0.1.1.7.7.53.13 | SECTION 107.830
| 107.830 Minimum duration/term of financing. | |
| 13:1.0.1.1.7.7.53.14 | SECTION 107.835
| 107.835 Exceptions to minimum duration/term of Financing. | |
| 13:1.0.1.1.7.7.53.15 | SECTION 107.840
| 107.840 Maximum term of Financing. | |
| 13:1.0.1.1.7.7.53.16 | SECTION 107.845
| 107.845 Maximum rate of amortization on Loans and Debt Securities. | |
| 13:1.0.1.1.7.7.53.17 | SECTION 107.850
| 107.850 Restrictions on redemption of Equity Securities. | |
| 13:1.0.1.1.7.7.53.18 | SECTION 107.855
| 107.855 Interest rate ceiling and limitations on fees charged to Small Businesses (“Cost of Money”). | |
| 13:1.0.1.1.7.7.53.19 | SECTION 107.860
| 107.860 Financing fees and expense reimbursements a Licensee may receive from a Small Business. | |
| 13:1.0.1.1.7.7.53.20 | SECTION 107.865
| 107.865 Control of a Small Business by a Licensee. | |
| 13:1.0.1.1.7.7.53.21 | SECTION 107.880
| 107.880 Assets acquired in liquidation of Portfolio securities. | |
| 13:1.0.1.1.7.7.54 | SUBJGRP 54
| Limitations on Disposition of Assets | |
| 13:1.0.1.1.7.7.54.22 | SECTION 107.885
| 107.885 Disposition of assets to Licensee's Associates or to competitors of Portfolio Concern. | |
| 13:1.0.1.1.7.7.55 | SUBJGRP 55
| Management Services and Fees | |
| 13:1.0.1.1.7.7.55.23 | SECTION 107.900
| 107.900 Management fees for services provided to a Small Business by Licensee or its Associate. | |
| 13:1.0.1.1.7.8 | SUBPART H
| Subpart H - Non-leveraged Licensees - Exceptions to Regulations | |
| 13:1.0.1.1.7.8.56.1 | SECTION 107.1000
| 107.1000 Licensees without Leverage - exceptions to the regulations. | |
| 13:1.0.1.1.7.9 | SUBPART I
| Subpart I - SBA Financial Assistance for Licensees (Leverage) | |
| 13:1.0.1.1.7.9.56 | SUBJGRP 56
| General Information About Obtaining Leverage | |
| 13:1.0.1.1.7.9.56.1 | SECTION 107.1100
| 107.1100 Types of Leverage and application procedures. | |
| 13:1.0.1.1.7.9.56.2 | SECTION 107.1120
| 107.1120 General eligibility requirements for Leverage. | |
| 13:1.0.1.1.7.9.56.3 | SECTION 107.1130
| 107.1130 Leverage fees and additional charges payable by Licensee. | |
| 13:1.0.1.1.7.9.56.4 | SECTION 107.1140
| 107.1140 Licensee's acceptance of SBA remedies under §§ 107.1800 through 107.1820. | |
| 13:1.0.1.1.7.9.57 | SUBJGRP 57
| Maximum Amount of Leverage for Which a Licensee Is Eligible | |
| 13:1.0.1.1.7.9.57.5 | SECTION 107.1150
| 107.1150 Maximum amount of Leverage for a Section 301(c) Licensee. | |
| 13:1.0.1.1.7.9.57.6 | SECTION 107.1160
| 107.1160 Maximum amount of Leverage for a Section 301(d) Licensee. | |
| 13:1.0.1.1.7.9.57.7 | SECTION 107.1170
| 107.1170 Maximum amount of Participating Securities for any Licensee. | |
| 13:1.0.1.1.7.9.58 | SUBJGRP 58
| Special Rules for Leverage Issued by an Early Stage SBIC | |
| 13:1.0.1.1.7.9.58.8 | SECTION 107.1180
| 107.1180 Required distributions to SBA by Early Stage SBICs. | |
| 13:1.0.1.1.7.9.58.9 | SECTION 107.1181
| 107.1181 Interest reserve requirements for Early Stage SBICs. | |
| 13:1.0.1.1.7.9.58.10 | SECTION 107.1182
| 107.1182 Valuation requirements for Early Stage SBICs based on Capital Impairment Percentage. | |
| 13:1.0.1.1.7.9.59 | SUBJGRP 59
| Conditional Commitments by SBA To Reserve Leverage for a Licensee | |
| 13:1.0.1.1.7.9.59.11 | SECTION 107.1200
| 107.1200 SBA's Leverage commitment to a Licensee - application procedure, amount, and term. | |
| 13:1.0.1.1.7.9.59.12 | SECTION 107.1210
| 107.1210 Payment of leverage fee upon receipt of commitment. | |
| 13:1.0.1.1.7.9.59.13 | SECTION 107.1220
| 107.1220 Requirement for Licensee to file quarterly financial statements. | |
| 13:1.0.1.1.7.9.59.14 | SECTION 107.1230
| 107.1230 Draw-downs by Licensee under SBA's Leverage commitment. | |
| 13:1.0.1.1.7.9.59.15 | SECTION 107.1240
| 107.1240 Funding of Licensee's draw request through sale to short-term investor. | |
| 13:1.0.1.1.7.9.60 | SUBJGRP 60
| Preferred Securities Leverage - Section 301(d) Licensees | |
| 13:1.0.1.1.7.9.60.16 | SECTION 107.1400
| 107.1400 Dividends or partnership distributions on 4 percent Preferred Securities. | |
| 13:1.0.1.1.7.9.60.17 | SECTION 107.1410
| 107.1410 Requirement to redeem 4 percent Preferred Securities. | |
| 13:1.0.1.1.7.9.60.18 | SECTION 107.1420
| 107.1420 Articles requirements for 4 percent Preferred Securities. | |
| 13:1.0.1.1.7.9.60.19 | SECTION 107.1430
| 107.1430 Redeeming 4 percent Preferred Securities with proceeds of non-subsidized Debentures. | |
| 13:1.0.1.1.7.9.60.20 | SECTION 107.1440
| 107.1440 Three percent preferred stock issued before November 21, 1989. | |
| 13:1.0.1.1.7.9.60.21 | SECTION 107.1450
| 107.1450 Optional redemption of Preferred Securities. | |
| 13:1.0.1.1.7.9.61 | SUBJGRP 61
| Participating Securities Leverage | |
| 13:1.0.1.1.7.9.61.22 | SECTION 107.1500
| 107.1500 General description of Participating Securities. | |
| 13:1.0.1.1.7.9.61.23 | SECTION 107.1505
| 107.1505 Liquidity requirements for Licensees issuing Participating Securities. | |
| 13:1.0.1.1.7.9.61.24 | SECTION 107.1510
| 107.1510 How a Licensee computes Earmarked Profit (Loss). | |
| 13:1.0.1.1.7.9.61.25 | SECTION 107.1520
| 107.1520 How a Licensee computes and allocates Prioritized Payments to SBA. | |
| 13:1.0.1.1.7.9.61.26 | SECTION 107.1530
| 107.1530 How a Licensee computes SBA's Profit Participation. | |
| 13:1.0.1.1.7.9.61.27 | SECTION 107.1540
| 107.1540 Distributions by Licensee - Prioritized Payments and Adjustments. | |
| 13:1.0.1.1.7.9.61.28 | SECTION 107.1550
| 107.1550 Distributions by Licensee - permitted “tax Distributions” to private investors and SBA. | |
| 13:1.0.1.1.7.9.61.29 | SECTION 107.1560
| 107.1560 Distributions by Licensee - required Distributions to private investors and SBA. | |
| 13:1.0.1.1.7.9.61.30 | SECTION 107.1570
| 107.1570 Distributions by Licensee - optional Distribution to private investors and SBA. | |
| 13:1.0.1.1.7.9.61.31 | SECTION 107.1575
| 107.1575 Distributions on other than Payment Dates. | |
| 13:1.0.1.1.7.9.61.32 | SECTION 107.1580
| 107.1580 Special rules for In-Kind Distributions by Licensees. | |
| 13:1.0.1.1.7.9.61.33 | SECTION 107.1585
| 107.1585 Exchange of Debentures for Participating Securities. | |
| 13:1.0.1.1.7.9.61.34 | SECTION 107.1590
| 107.1590 Special rules for companies licensed on or before March 31, 1993. | |
| 13:1.0.1.1.7.9.62 | SUBJGRP 62
| Funding Leverage by Use of SBA-Guaranteed Trust Certificates (“TCs”) | |
| 13:1.0.1.1.7.9.62.35 | SECTION 107.1600
| 107.1600 SBA authority to issue and guarantee Trust Certificates. | |
| 13:1.0.1.1.7.9.62.36 | SECTION 107.1610
| 107.1610 Effect of prepayment or early redemption of Leverage on a Trust Certificate. | |
| 13:1.0.1.1.7.9.62.37 | SECTION 107.1620
| 107.1620 Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent. | |
| 13:1.0.1.1.7.9.62.38 | SECTION 107.1630
| 107.1630 SBA regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates. | |
| 13:1.0.1.1.7.9.62.39 | SECTION 107.1640
| 107.1640 SBA access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers. | |
| 13:1.0.1.1.7.9.63 | SUBJGRP 63
| Miscellaneous | |
| 13:1.0.1.1.7.9.63.40 | SECTION 107.1700
| 107.1700 Transfer by SBA of its interest in Licensee's Leverage security. | |
| 13:1.0.1.1.7.9.63.41 | SECTION 107.1710
| 107.1710 SBA authority to collect or compromise its claims. | |
| 13:1.0.1.1.7.9.63.42 | SECTION 107.1720
| 107.1720 Characteristics of SBA's guarantee. | |
| 13:1.0.1.1.7.10 | SUBPART J
| Subpart J - Licensee's Noncompliance With Terms of Leverage | |
| 13:1.0.1.1.7.10.64 | SUBJGRP 64
| Computation of Licensee's Capital Impairment | |
| 13:1.0.1.1.7.10.64.1 | SECTION 107.1800
| 107.1800 Licensee's agreement to terms and conditions in §§ 107.1810 and 107.1820. | |
| 13:1.0.1.1.7.10.64.2 | SECTION 107.1810
| 107.1810 Events of default and SBA's remedies for Licensee's noncompliance with terms of Debentures. | |
| 13:1.0.1.1.7.10.64.3 | SECTION 107.1820
| 107.1820 Conditions affecting issuers of Preferred Securities and/or Participating Securities. | |
| 13:1.0.1.1.7.10.64.4 | SECTION 107.1830
| 107.1830 Licensee's Capital Impairment - definition and general requirements. | |
| 13:1.0.1.1.7.10.64.5 | SECTION 107.1840
| 107.1840 Computation of Licensee's Capital Impairment Percentage. | |
| 13:1.0.1.1.7.10.64.6 | SECTION 107.1845
| 107.1845 Determination of Capital Impairment Percentage for Early Stage SBICs. | |
| 13:1.0.1.1.7.10.64.7 | SECTION 107.1850
| 107.1850 Exceptions to Capital Impairment provisions for Licensees with outstanding Participating Securities. | |
| 13:1.0.1.1.7.11 | SUBPART K
| Subpart K - Ending Operations as a Licensee | |
| 13:1.0.1.1.7.11.65.1 | SECTION 107.1900
| 107.1900 Surrender of license. | |
| 13:1.0.1.1.7.12 | SUBPART L
| Subpart L - Miscellaneous | |
| 13:1.0.1.1.7.12.65.1 | SECTION 107.1910
| 107.1910 Non-waiver of SBA's rights or terms of Leverage security. | |
| 13:1.0.1.1.7.12.65.2 | SECTION 107.1920
| 107.1920 Licensee's application for exemption from a regulation in this part 107. | |
| 13:1.0.1.1.7.12.65.3 | SECTION 107.1930
| 107.1930 Effect of changes in this part 107 on transactions previously consummated. | |