80 FR 36881 - Small Business Investment Company (SBIC) Program: SBA Model Form of Agreement of Limited Partnership for an SBIC Issuing Debentures

SMALL BUSINESS ADMINISTRATION

Federal Register Volume 80, Issue 123 (June 26, 2015)

The Small Business Administration (SBA) has updated the SBA Model Form of Agreement of Limited Partnership for an SBIC Issuing Debentures Only (the Model). This update reflects comments received from the public in response to SBA's notice published in the Federal Register on April 22, 2014. SBA is preparing to issue the updated Model for use by SBIC applicants, and welcomes final comments from the public on the updated Model.

[Federal Register Volume 80, Number 123 (Friday, June 26, 2015)]
[Notices]
[Pages 36881-36882]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-15685]


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SMALL BUSINESS ADMINISTRATION

[Docket ID No: SBA-2015-0010]


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

AGENCY: Small Business Administration.

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

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SUMMARY: The Small Business Administration (SBA) has updated the SBA 
Model Form of Agreement of Limited Partnership for an SBIC Issuing 
Debentures Only (the Model). This update reflects comments received 
from the public in response to SBA's notice published in the Federal 
Register on April 22, 2014. SBA is preparing to issue the updated Model 
for use by SBIC applicants, and welcomes final comments from the public 
on the updated Model.

DATES: Comments on the Model must be received on or before August 10, 
2015.

ADDRESSES: Submit your comments, identified by Docket ID No. SBA-2015-
0010, 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: Michael Schrader, Office of General 
Counsel, 409 Third Street SW., Washington, DC 20416; (202) 205-7115.

SUPPLEMENTARY INFORMATION: The SBIC Program was established under the 
Small Business Investment Act of 1958. SBICs are privately owned and 
managed investment funds, licensed and regulated by SBA, that use 
privately-raised capital plus funds borrowed with an SBA guarantee to 
make equity and debt investments in qualifying small businesses. The 
SBIC license application (SBA Form 2183) requires an applicant to 
submit, among other things, its organizational documents. The majority 
of applicants to the SBIC program are formed as limited partnerships, 
and these applicants must 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 Model was updated in 2004, with additional 
limited updates since that time. The Model is available at https://www.sba.gov/content/model-partnership-agreement-0.
    Since the last comprehensive update to the Model, changes have 
occurred both in the structure and operation of limited partnerships 
and in the venture capital industry. As part of its process of updating 
the Model, SBA published a notice in the Federal Register soliciting 
comments and recommendations from the public on April 22, 2014, 79 FR 
22568. Those comments were posted and are available at Docket ID No: 
SBA-2014-0004, at www.regulations.gov. SBA carefully considered the 
comments received and incorporated those that the Agency believed were 
appropriate into the Model. The updated form of the Model is available 
at Docket ID No. SBA-2015-

[[Page 36882]]

0010, at www.regulations.gov. SBA is soliciting final comments and 
recommendations from the public on the updated form of the Model. SBA 
will not issue another notice seeking comments to the Model in the 
Federal Register, and will post the final revised version of the Model 
on the SBIC Web site at https://www.sba.gov/inv.

    Authority:  15 U.S.C. 681.

Javier Saade,
Associate Administrator for Investment and Innovation.
[FR Doc. 2015-15685 Filed 6-25-15; 8:45 am]
 BILLING CODE 8025-01-P