[Federal Register Volume 79, Number 77 (Tuesday, April 22, 2014)]
[Notices]
[Pages 22568-22569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-09182]


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SMALL BUSINESS ADMINISTRATION

[Docket No: SBA-2014-0004]


Small Business Investment Company (SBIC) Program: SBA Model Form 
of Agreement of Limited Partnership for an SBIC Issuing Debentures Only

AGENCY: Small Business Administration.

ACTION: Notice; request for comments on SBA Model Form of Agreement of 
Limited Partnership for an SBIC Issuing Debentures Only.

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SUMMARY: The Small Business Administration (SBA) intends to update the 
SBA Model Form of Agreement of Limited Partnership for an SBIC Issuing 
Debentures Only (the Model) to conform its contents to current industry 
norms and practices while maintaining the regulatory and policy 
provisions necessary to ensure that the Model remains consistent with 
SBA's requirements and to minimize the risk of loss in the SBIC 
program. The Agency welcomes comments from the public on how to achieve 
this objective.

DATES: This notice is effective April 22, 2014.
    Comment Date: Comments on the Model must be received on or before 
June 23, 2014.

ADDRESSES: Submit your comments, identified by Docket ID No. SBA-2014-
0004, at www.regulations.gov. Comments may only be submitted at this 
web address; follow the instructions on the Web site for submitting 
comments.
    All comments received will be included in the public docket without 
change and will be available online at www.regulations.gov. All 
submissions, including attachments and other supporting materials, will 
become part of the public record and subject to public disclosure. 
Sensitive information and information that you consider to be 
Confidential Business Information or otherwise protected should not be 
included. Submissions will not be edited to remove any identifying or 
contact information.

FOR FURTHER INFORMATION CONTACT: Renee Gordon, Office of General 
Counsel, 409 Third Street SW., Washington, DC 20416; (202) 401-2744.

[[Page 22569]]


SUPPLEMENTARY INFORMATION: The Small Business Investment Company (SBIC) 
Program is one of the financial assistance programs available through 
SBA. The SBIC Program was established under the Small Business 
Investment Act of 1958, as amended. SBICs are privately owned and 
managed investment funds, licensed and regulated by SBA, that use their 
own capital plus funds borrowed with an SBA guarantee to make equity 
and debt investments in qualifying small businesses.
    The License Application for a Small Business Investment Company 
(SBA Form 2183) requires an applicant to submit, among other things, 
its organizational documents. Since the majority of applicants to the 
SBIC program are formed as limited partnerships, most applicants submit 
their limited partnership agreement as part of their application. The 
original version of the Model was developed in 2000 to assist 
applicants in producing a limited partnership agreement suitable for an 
SBIC and to facilitate this process by including provisions required by 
the regulations governing the SBIC Program (13 CFR Part 107) and other 
SBA policy requirements designed to minimize the risk of loss to SBA in 
providing financial assistance to SBICs. The SBA Model Form of 
Agreement of Limited Partnership for an SBIC Issuing Debentures Only is 
available at http://www.sba.gov/content/model-partnership-agreement. To 
further assist applicants, the required provisions are shown in the 
Model in bold Arial typeface. Applicants to the SBIC Program are not 
required to use the Model and are permitted to submit any form of 
limited partnership agreement; however, those applicants that do not 
use the Model must either include in their limited partnership 
agreement the bold Arial typeface provisions from the Model or attach 
an annex to their limited partnership agreement with the bold Arial 
typeface provisions from the Model. As a result, for many applicants, 
the Model provides an efficient tool in preparing a limited partnership 
agreement.
    Since the Model was developed in 2000, changes have occurred both 
in the structure and operation of limited partnerships and in the 
venture capital industry. SBA is soliciting comments and 
recommendations from the public on updating the Model and will consider 
such comments when revising it. The SBA will not issue another notice 
in the Federal Register but will post the final revised version of the 
Model on the SBIC Web site at http://www.sba.gov/category/lender-navigation/sba-loan-programs/sbic-program-0.

    Authority:  15 U.S.C. 681.

    Dated: April 17, 2014.
Javier Saade,
Associate Administrator for Investment and Innovation.
[FR Doc. 2014-09182 Filed 4-21-14; 8:45 am]
BILLING CODE 8025-01-P