Negotiation of Budget Terms

OPGM will negotiate with conditionally approved NMVC companies and SSBICs, the budget terms of their grant award.  The budget terms of the grant awards will be finalized by no later than December 31, 2002.

Grant Matching Resources

1.  Deadline to raise grant matching resources.

By 4:00 p.m. on December 31, 2002 , conditionally approved NMVC companies and SSBICs must have in place the required amount of grant matching resources, and must submit documentation of such resources 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.

2.  Review of grant matching resources documentation.

SBA will review for acceptability the documentation submitted by each applicant concerning the grant matching resources it has put in place.

3.  Exception to requirement to raise full amount of grant matching resources.

A conditionally approved NMVC company may request that SBA make an exception to the requirement to raise the full amount of grant matching resources by the December 31, 2002  deadline, pursuant to 13 CFR § 108.380(b).  (This exception is not available to SSBICs.)  A conditionally approved NMVC company must submit any such request to the Director of ONMVC, by no later than October 1, 2002.

If SBA denies the request for an exception, ONMVC will notify the conditionally approved NMVC company in writing by no later than October 21, 2002 , and such company will be required to raise the required amount of grant matching resources by the December 31, 2002 deadline.  If SBA approves the request for an exception, ONMVC will notify the conditionally approved NMVC company in writing and SBA will consider that conditionally approved NMVC company to have met the requirement to raise grant matching resources.