CFR > Title 13 - Business Credit and Assistance > CHAPTER I—SMALL BUSINESS ADMINISTRATION > PART 108—NEW MARKETS VENTURE CAPITAL (“NMVC”) PROGRAM > SUBPART G—Managing the Operations of a NMVC Company (§108.500 to §108.585) > 108.520—Management Expenses of a NMVC Company.

108.520—Management Expenses of a NMVC Company.

SBA must approve your initial Management Expenses and any increases in your Management Expenses.
(a) Definition of Management Expenses. Management Expenses include:
(1) Salaries;
(2) Office expenses;
(3) Travel;
(4) Business development;
(5) Office and equipment rental;
(6) Bookkeeping; and
(7) Expenses related to developing, investigating and monitoring investments.
(b) Management Expenses do not include services provided by specialized outside consultants, outside lawyers and independent public accountants, if they perform services not generally performed by a venture capital company.