Legal Documentation

Conditionally approved NMVC companies must finalize and submit to SBA for review and clearance all proposed legal documentation by no later than 4:00 p.m. on November 18, 2002.   This includes the documentation described in NMVC Application Exhibits (SBA Form 2185) Q (Organizational documents of applicant); R (Opinion of counsel); S (Management services agreement); T (Bank letter); and V (Request for approval of organizational and management expenses).  Conditionally approved NMVC companies must submit such documentation to the Director, ONMVC. 

The same timeliness and receipt policies and procedures governing the initial application submission (see Section I.A.2, above) also apply to the submission of this package.  Applicants failing to timely submit this package will not be processed further.

Office of General Counsel (OGC) staff will review the legal documentation and work directly with legal or other designated representatives of the conditionally approved NMVC companies, to finalize such documentation in a form acceptable to SBA.  All legal documentation must be finalized by no later than December 31, 2002.

Capital

By no later than 4:00pm on December 31, 2002 , SSBICs and conditionally approved NMVC companies must have in place the required amount of capital, and must submit documentation of such capital to ONMVC. 

The same timeliness and receipt policies and procedures governing the initial application submission (see Section I.A.2, above) also apply to the submission of this package.  Applicants failing to timely submit this package will not be processed further.

SBA will review for acceptability and compliance with regulatory requirements, the documentation of capital submitted by conditionally approved NMVC companies and SSBICs.

Final Approval

SBA will take final action on all applications by no later than Febraury 5, 2003.

Notification to Finally Approved NMVC Companies and SSBICs

By no later than February 5, 2003, SBA will send a written notice by mail and e-mail to all finally approved SSBICs and NMVC companies advising them that they have been finally approved. By this same date, SBA also will send a written notice by mail and e-mail to all other SSBICs and conditionally approved NMVC companies advising them that they have not satisfied the conditions for final approval. This notice also will advise such previously conditionally approved NMVC companies that they no longer are conditionally approved NMVC companies and must not participate in the NMVC program or represent themselves as conditionally approved NMVC companies.