The United States Small Business Administration released its Notice of Annual Recertification on May 13, 2010. Annual recertification is required for all Small Business Investment Company Licensees (Licensees) who have unfunded commitments from Institutional Investors and outstanding SBA leverage, or a SBA leverage commitment, or both. This requirement is part of the SBA's ongoing efforts to ensure that Institutional Investors remain qualified investors and that Regulatory Capital is accurately reported.
Licensees who are required to be recertified should submit either:
Licensees must submit the appropriate Capital Certificate or Letter to their assigned SBA operations analyst by the filing deadline.
Filing Deadlines
|
Filing Deadline |
Unfunded Commitments |
|
|
More than |
Less than |
|
|
June 30, 2010 |
$20,000,000 |
$20,000,000+ |
|
July 31, 2010 |
$12,500,000 |
$19,999,999 |
|
Aug. 31, 2010 |
$7,500,000 |
$12,499,999 |
|
Sept. 30, 2010 |
$5,000,000 |
$7,499,999 |
|
Oct. 31, 2010 |
$2,500,000 |
$4,999,999 |
|
Nov. 30, 2010 |
$1 |
$2,499,999 |
Licensees licensed after October 1, 2009 are not required to complete the recertification process. The Private Equity industry team at McGuireWoods LLP is dedicated to keeping our clients advised of new legislative and business developments as they occur.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
