13 C.F.R. § 107.510

SBA approval of Licensee's Investment Adviser/Manager

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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.

Notes of Decisions

Cited in 2 cases, 1968–1968 · leading case: Ana Small Bus. Investments, Inc. v. Small Bus. Admin. of the United States of Am., 391 F.2d 739 (9th Cir. 1968).

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Ana Small Bus. Investments, Inc. v. Small Bus. Admin. of the United States of Am., 391 F.2d 739 (9th Cir. 1968). · cites it 2× “Further, the hearing examiner found that ANA acquired and exercised indefinite control over Lease-Lite, Granelli and Sperr through stock ownership and interlocking directors, thereby violating SBA’s regulation, 13 CFR § 107.510 . On November 20, 1960, ANA was licensed by the SBA…”

United States v. Boca Raton Capital Corp., 285 F. Supp. 504 (S.D. Fla. 1968). “510(a) of the SBA Regulations, 13 C.F.R. § 107.510 (a) and as amended, section 107.”

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