13 CFR 107.510
§ 107.510 SBA approval of Licensee's Investment Adviser/Manager.
United States · 13 CFR — Business Credit and Assistance · Status: effective
Cite this
- Citation
- 13 CFR 107.510, § 107.510 SBA approval of Licensee's Investment Adviser/Manager, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/51605
- Permanent ID
ys:prov:51605@1- SHA-256
83746aaef7495b36aefb716fd49a2dba72879b08738379458427564d4392f6d3
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
You may employ an Investment Adviser/Manager who will be subject to the supervision of your board of directors or general partner. If you have Leverage or plan to seek Leverage, you must obtain SBA's prior written approval of the management contract. SBA's approval of an Investment Adviser/Manager for one Licensee does not indicate approval of that manager for any other Licensee.
(a) Management contract. The contract must:
(1) Specify the services the Investment Adviser/Manager will render to you and to the Small Businesses in your Portfolio; and
(2) Indicate the basis for computing Management Expenses.
(b) Material change to approved management contract. If there is a material change, both you and SBA must approve such change in advance. If you are uncertain if the change is material, submit the proposed revision to SBA.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.