The Small Business Administration (SBA) announced its release of a new Management Assessment Questionnaire (MAQ) and License Application for the Small Business Investment Company (SBIC) program to increase user-friendliness and align its due diligence process with the application materials. The SBA also removed outdated questions from the narrative portion of the MAQ and rewrote other questions to obtain more useful responses from fund managers.

The SBA is adopting an implementation schedule for applicants that began preparing their SBIC applications with the prior versions of the MAQ and License Application. The implementation schedule is as follows:

  • Early Stage SBIC applications due on March 28, 2014, must use the new version of the MAQ
  • On April 1, 2014, all MAQ submissions must use the new MAQ
  • On May 1, 2014, all License Application submissions must use the new License Application