SBA Simplifies Filings Requirements for SBIC Applicants
September 20, 2019
On September 17, 2019, the Licensing Department of the Investment Division of the U.S. Small Business Administration (“SBA”) announced that, effective immediately, all license applications should be submitted electronically via email, but with only one paper copy and an electronic copy via flash drive (with PDF signatures included) to be submitted manually to SBA. This is a change from the prior license application process which required three (3) paper copies of license applications be submitted in addition to the electronic submission. The one exception to this change is the requirement to submit fingerprint cards, which should still be submitted in duplicate.
In addition, any comment responses letters or other correspondence with the division should be sent via e-mail to the SBA analyst assigned to the applicant along with one hardcopy sent by mail.
This change reflects the SBA’s stated desire to increase efficiency and reduce paper files, and is a welcome update for current and future applicants for SBIC licenses.