---
kind: "section"
citation: "13 C.F.R. § 108.380"
title: "13"
number: "108.380"
heading: "Final approval as a NMVC Company."
url: "https://uscodex.org/cfr/13/108.380"
---

# §108.380. Final approval as a NMVC Company.

- (a) **General rule.** With respect to each Conditionally Approved NMVC Company, SBA will either:
  - (1) Grant final approval to participate in the NMVC program and designate such company as a NMVC Company, if such Conditionally Approved NMVC Company:
    - (i) Within the specific period of time SBA gave to it when SBA conditionally approved it for participation in the NMVC program, has raised:
      - (A) The amount of Regulatory Capital set forth in its application, pursuant to [§ 108.310(a)(1)](/cfr/13/108.310.md?p=a-1); and
      - (B) The amount of matching resources for its Operational Assistance grant award set forth in its application, pursuant to [§ 108.310(a)(2)](/cfr/13/108.310.md?p=a-2); and
    - (ii) Enters into a Participation Agreement with SBA; or
  - (2) Revoke SBA's conditional approval of the company, at which time it is no longer a Conditionally Approved NMVC Company and must not participate in the NMVC program or represent itself as a Conditionally Approved NMVC Company.
- (b) **Exception to requirement to raise matching resources—**
  - (1) **General.** At its discretion and based upon a showing of good cause, SBA may consider a Conditionally Approved NMVC Company to have satisfied the requirement in [paragraph (a)(1)(i)(B)](#a-1-i-B) of this section to raise matching resources in the amount of at least 30 percent of its Regulatory Capital if the Conditionally Approved NMVC Company—
    - (i) Already has raised at least 20 percent of the total amount of required matching resources; and
    - (ii) Has a viable plan that reasonably projects its capacity to raise the remainder of the required amount of matching resources.
  - (2) **Request for exception.** Before the expiration of the time period given to it by SBA to meet the requirements to become a NMVC Company, a Conditionally Approved NMVC Company may submit to SBA a request that SBA grant the exception described in [paragraph (b)(1)](#b-1) of this section. Such Conditionally Approved NMVC must present to SBA evidence of good cause for such request, as well as evidence supporting the elements of the exception described in [paragraph (b)(1)](#b-1) of this section.
  - (3) **No applicability to Regulatory Capital.** The exception described in this section applies only to matching resources for the Operational Assistance grant award. Under no circumstances will SBA designate a Conditionally Approved NMVC Company as a NMVC Company if such Conditionally Approved NMVC Company does not raise the required amount of Regulatory Capital within the time period SBA gave it to do so.

## Notes

### Amendments

[66 FR 28609, May 23, 2001, as amended at 67 FR 68503, Nov. 12, 2002]

### Authority

Authority: 15 U.S.C. 689-689q.

### Source

Source: 66 FR 28609, May 23, 2001, unless otherwise noted.

### Amendments

[66 FR 28609, May 23, 2001, as amended at 67 FR 68503, Nov. 12, 2002]