SBA Form 2181 Applicant Narrative

OMB Approval No. 3245-0062
Expiration Date: xx/xx/xxxx

409 3rd St., SW • Washington, DC 20416 • (202) 205-6510

THE SBIC PROGRAM
Choose from Drop-Down Menu
Form 2181: Applicant Narrative
Application Type: (Check one)

Leverage Request: (Check one)

☐ Standard SBIC Applicant

☐ Non-Leveraged SBIC Applicant

☐ Early Stage SBIC Applicant

☐ Impact Investment SBIC Applicant

☐ No Leverage

☐ 2 tiers

☐ 1 tier

☐ Other: Number of tiers or $ amt.

Name of Applicant:
Address:

Name of Primary Contact:
Telephone:
E-mail:

Enter Fund Name
Address 1
Address 2
City, State ZIP
Enter First and Last Name of Primary Contact
(123) 456-7890
[email protected]

Date of MAQ Submission:
Date of License Application Submission:

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The estimated combined burden for completing this form and Form 2181: Excel Supplement is 70 hours
per response. You are not required to respond to any collection of information unless it displays a
currently valid OMB approval number. Comments on the burden should be sent to the US Small
Business Administration, Chief, Administrative Information Branch, Washington, DC 20416 and Desk
Officer for the Small Business Administration, Office of Management and Budget, New Executive Office
Building, Room 10202, Washington, DC 20503. OMB Approval 3245-0062.
Please do not send forms to OMB. Refer to Instructions for information on how and where to submit
the requested information.

SBA Form 2181 (07-13) Previous editions obsolete

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Table of Contents
Table of Contents................................................................................................................................................... 2
1.

Investment Strategy ...................................................................................................................................... 4
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.

2.

Firm and Team .............................................................................................................................................. 7
2.1.
2.2.
2.3.
2.4.
2.5.

3.

Investment Monitoring ..........................................................................................................................11
Troubleshooting .....................................................................................................................................11
Recycling, Reserves and Follow-On Financing .......................................................................................11
Regulatory Compliance ..........................................................................................................................11

Fund Economics........................................................................................................................................... 12
5.1.
5.2.
5.3.
5.4.

6.

Overview of the Investment Process .......................................................................................................8
Business Development...........................................................................................................................10
Due Diligence .........................................................................................................................................10
Decision-Making Process .......................................................................................................................10

Portfolio Management & Monitoring .......................................................................................................... 11
4.1.
4.2.
4.3.
4.4.

5.

Firm Overview ..........................................................................................................................................7
Principals ..................................................................................................................................................7
Team History ............................................................................................................................................7
Other Principal Activities .........................................................................................................................8
Team Cohesion ........................................................................................................................................8

Investment Process ....................................................................................................................................... 8
3.1.
3.2.
3.3.
3.4.

4.

Strategy Narrative ....................................................................................................................................4
Structure & Pricing ...................................................................................................................................5
Leverage at the Portfolio Company Level ................................................................................................5
Market Opportunity .................................................................................................................................6
Competition .............................................................................................................................................6
Risks & Mitigants .....................................................................................................................................6
Economic Impact .....................................................................................................................................6

Carried Interest ......................................................................................................................................12
Management Fee ...................................................................................................................................12
Other Compensation ................................................................................ Error! Bookmark not defined.
Fee Allocation ........................................................................................................................................12

Capitalization .............................................................................................................................................. 13
6.1.
6.2.
6.3.

Minimum Fundraising Threshold ...........................................................................................................13
Placement Agent ....................................................................................................................................13
Third-Party Borrowings ..........................................................................................................................13

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7.

Governance ................................................................................................................................................. 14
7.1.
7.2.
7.3.
7.4.
7.5.
7.6.
7.7.
7.8.

8.

Table of Contents

Organizational Chart ..............................................................................................................................14
Associates and Affiliated Entities – Service Providers ...........................................................................15
Associates and Affiliated Entities – Organizational Structure................................................................15
Conflicts of Interest................................................................................................................................15
Advisory Committee ..............................................................................................................................15
Personal Co-Investments .......................................................................................................................15
Limited Partner Co-Investments ............................................................................................................16
Other Co-Investments............................................................................................................................16

Attachments ................................................................................................................................................ 17
Instructions .........................................................................................................................................................17
Attachments List .................................................................................................................................................17

9.

Additional Information (Optional) ............................................................................................................... 19
Instructions .........................................................................................................................................................19

Appendix 1.
A1.1.
A1.2.
A1.3.

Early Stage SBIC Applicants ONLY ............................................................................................... 20
Investment Rounds ................................................................................................................................20
Pricing ....................................................................................................................................................20
SBA Leverage .........................................................................................................................................20

Appendix 2.

Impact Investment SBICs ONLY ................................................................................................... 21

Appendix 3.

“Drop-Down” SBIC Applicants ONLY ........................................................................................... 22

A3.1.
A3.2.
A3.3.
Appendix 4.
A4.1.
A4.2.
A4.3.

Capital ....................................................................................................................................................22
Parent Fund ...........................................................................................................................................22
Co-Investments ......................................................................................................................................22
Discussion of Issues for Public SBICs ONLY .................................................................................. 23
Valuation Policies ...................................................................................................................................23
Public Offering .......................................................................................................................................23
Distribution Policies ...............................................................................................................................23

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1. Investment Strategy
1.1. Strategy Narrative
Please provide an overview of your investment strategy and the types of transactions you intend to
pursue. Do not exceed the space provided on this page. Unless it does not apply, please address the
following elements:






Geographic focus
Industry focus
Company stage
Company size
Investment/Deal size


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Ownership/Control
Preference for leading transactions, coinvesting or being sole investor
Investment pace
Diversification strategy

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1.2. Structure & Pricing
Please identify the three or four primary types of securities you intend to use as part of your investment
strategy (e.g. first lien, second lien, revolvers, subordinated debt with warrants, preferred equity, etc.)
and explain both the structure and pricing strategy for each. Reference the following items where
relevant:



Contractual Tenor vs. Expected Holding
Period of Securities
Current vs. Accrued (PIK)
Interest/Dividends

Security Type
Subordinated Debt with Warrants

Est. % of
Portfolio





Fee Revenue
Key Covenants
Collateral

Description of Structure & Pricing
Structure: Unsecured debt, 5-7 year maturity with
detachable warrants. Expected actual duration of
3-5 years.
Pricing: 10-12% cash interest, 4-5% PIK, warrants
worth 4-5% of fully diluted ownership
Fees: 2% closing fee
Key Covenants: Interest Coverage, Fixed Charge
Coverage, Debt/EBITDA
Collateral: Unsecured

1.3. Leverage at the Portfolio Company Level
Whether you are primarily an equity or debt investor, discuss your view of the use of leverage at the
portfolio company level. Identify the key leverage metrics you evaluate when making an investment
and state your preferred leverage level for a typical investment.
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1.4. Market Opportunity
Please explain the market dynamics underlying your strategy. What are the key macroeconomic or
industry specific factors that will drive deal flow for your strategy? What key factors will determine your
opportunities for exit?
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1.5. Competition
Identify your direct competitors and explain your competitive advantage(s).
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1.6. Risks & Mitigants
Please identify at least three of the major risks to the success of your investment strategy. For each risk
identified, explain any factors or efforts you may take to mitigate the risk.
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1.7. Economic Impact
The SBIC Program was created to facilitate the flow of long-term capital to American small businesses.
Please discuss the economic impact you expect your investment activities will have on American small
businesses and their employees. Please use data to support your response.
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2. Firm and Team
2.1. Firm Overview
Please provide a brief history of your firm (including any affiliates) and describe all investing, advisory or
other business activities the firm currently conducts, or will conduct in addition to managing the SBIC.
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2.2. Principals
For each principal please provide a brief biography and a description of his/her role within the team.
Please use the suggested format, ensuring you include all previous employment and associated time
periods.
Jane Doe – Senior Managing Partner
Jane is the Senior Managing Partner for SBIC Investors, LLC and is primarily responsible for portfolio
management. She first joined SBIC Investors, LLC in 1995 as an Associate, was promoted to Partner in
2002 and Senior Managing Partner in 2005.
Prior to joining SBIC Investors, Doe was an Associate with Small Business Bank’s leveraged lending
group, where she worked from 1993 to 1995. She began her career as an Investment Banking Analyst
with Big Behemoth Bank in 1990.
Doe earned a B.A. in Economics from Small College in 1990 and an MBA from Big University in 1993.
2.3. Team History
Briefly describe the origins of this team and any shared work history of the Principals. Please include
dates, the context in which the Principals met and the firms for which each principal worked at the time
of the meeting.
Jane Doe and Peter Partner first met in 1990 when they were both hired as Analysts at Small Business
Investment Bank. Doe left the bank in 1996 to join the buyout firm ABC Investors, where she worked
with Sharon Synergy until 2010. In early 2011, Doe and Synergy decided to launch their own fund, the
current SBIC proposal, and reached out to Peter Partner to join the team. The three principals have
been working together since.

2. Firm and Team

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2.4. Other Principal Activities
In worksheet 2.3 of Form 2181: Excel Supplement, you are asked to indicate the percentage of each
principal’s time that will be devoted to the management of the SBIC. Use the space below to account
for the time each principal will not be devoting to the management of the SBIC. If applicable,




List all active funds (with their vintage years) for which the principals, either jointly or
separately, have management responsibility
List the seats each principal currently holds on for-profit or non-profit boards and indicate if and
when these board commitments are expected to end
List any other fund-related or non-fund-related activities expected to require meaningful
commitments of the principals’ time

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2.5. Team Cohesion
If you reply “yes” to either of the questions listed below, please provide an explanation in the space
provided:
a. Are there any known conditions (health, litigation, financial, personal, etc.) of
any of the Principals that might affect their ability to execute their duties to
the firm or the SBIC?

YES ☐ NO ☐

b. In the past 5 years, have any senior members of your team departed the firm?
If yes, please provide their names, titles and briefly explain the reasons for
their departure. Note: Form 2182 - Exhibit D requires you to provide the
names and contact information for all employees that have left your firm
within the last five years.

YES ☐ NO ☐

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3. Investment Process
3.1. Overview of the Investment Process
Using a numbered list, please identify the steps in your fund’s investment process from deal origination
to portfolio monitoring and note any decision points. Please include no more than three to four
sentences explaining each step.
1.

Deal Origination
Each principal conducts business development activities which results in the collection of
business proposals and investment opportunities.

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2.

Initial Screening
Each new proposal is assigned to one principal for review. That principal then prepares an initial
assessment and presents it at the next meeting of the investment committee

3.

Due Diligence
If the investment committee agrees that a proposal is worth pursuing, a principal is assigned to
run diligence on the opportunity.

4.

…

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3.2. Business Development
Discuss your primary marketing programs or strategies. Compare your proposed deal sourcing strategy
with the ones used in prior years/funds.
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3.3. Due Diligence
Describe your due diligence process, specifically indicating the type and extent of your inquiries and
research. Indicate how this responsibility is allocated among principals, staff, committees, personnel
from affiliated organizations and outside consultants.
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3.4. Decision-Making Process
Describe the decision-making process used to make new investments, exit current investments, make
follow-on investments or otherwise manage the operations of the fund. In your response please refer
to the following:
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



Periodicity of Management Team Meetings
Voting Power of Principals
Number of votes required for approval/disapproval of new investments, follow-on investments,
exist or other fund operations
Any special voting rights, such as veto rights, held by one or more principals
Any requirements to obtain the consent of one or more principals

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4. Portfolio Management & Monitoring
4.1. Investment Monitoring
Discuss the process you use to monitor investments in your portfolio. Please refer to the following
items in your response:







Reporting required of portfolio companies
Firm’s approach to board representation
Number of deals each principal will be responsible for at peak
Periodicity of portfolio reviews
Level of engagement with portfolio company management
Provision of consulting services to portfolio company management

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4.2. Troubleshooting
Discuss your approach to managing underperforming investments. If you maintain a “watch list,”
describe the criteria used to place investments on the list. Explain the measures you take to turn around
poor-performing investments, with references to specific examples from your track record. For those
investments that cannot be turned around, explain how and when you decide to mark-down or write-off
your position.
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4.3. Recycling, Reserves and Follow-On Financing
Describe the fund’s policies regarding the recycling of proceeds, including any applicable time
restrictions, and the maintenance of capital reserves for follow-on investing. Describe your process for
evaluating follow-on investment opportunities and the criteria you use to determine whether or not to
proceed with new financing.
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4.4. Regulatory Compliance
Describe the processes you will use to monitor your compliance with SBIC Program Regulations. Please
identify the person(s) that will have primary responsibility for regulatory compliance.
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5. Fund Economics
5.1. Carried Interest
Please provide a detailed description of the carried interest provisions of your fund, identify the basis of
the calculation (e.g. whole fund or deal-by-deal) and explain your vesting policy. Explain how these
provisions compare with your previous funds.
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5.2. Management Fee
Please describe the formula you will use to calculate the management fee that the SBIC will be charged.
Describe any changes that may occur over the course of the fund’s life. (Please review 13 CFR 107.900
and SBIC TechNote #7A, revised April 2008).
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5.3. Fee Allocation
Please describe your policy on the allocation of fees, such as transaction fees, investment banking fees,
monitoring fees, directors’ fees, etc., between the SBIC and any management or other affiliated entities.
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6. Capitalization
6.1. Minimum Fundraising Threshold
Justify the “Minimum to close” fundraising threshold you have indicated in “Form 2181: Excel
Supplement” worksheet 6.1. Discuss how your investment strategy, fund operations or other SBICrelated activities would change if you fail to reach your target fundraising level and must operate with
this lower amount of capital.
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6.2. Placement Agent
Have you hired or do you intend to hire a Placement Agent?

YES ☐ NO ☐

If you have responded “Yes” to the question above, please complete worksheet 6.3 of “Form 2181 –
Excel Supplement.” Describe below the duties called for by any placement agreements. State who will
be responsible for payment of placement agent compensation, the basis for compensation, and how
and when such compensation will be paid.
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6.3. Third-Party Borrowings
Do you have or do you intend to have any third party borrowing arrangements in place at any time prior
to being licensed?
YES ☐ NO ☐
If “Yes,” please provide a description of your current or expected borrowing arrangements. If this is a
licensing application, please complete Exhibit R and provide any associated borrowing agreements.
(Please review 13 CFR 107.550)
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7. Governance
7.1. Organizational Chart
Provide an organizational chart of all entities and persons related to the SBIC in the space provided
below. Ensure ownership percentages are included for the Applicant’s management company and
general partner. Include any parent fund(s) or “side-car” vehicles if relevant. Use the examples as a
guide, then delete before submission. You may use the drawing tools available in word or insert an
image.

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7.2. Associates and Affiliated Entities – Service Providers
Read the definition of Associate (13 CFR 107.50) and Affiliate (13 CFR 121.103). Identify any Associates
and Affiliated individuals and entities that will provide services to the Applicant in connection with the
Applicant’s activities as an SBIC, such as due diligence, deal sourcing, administration, or portfolio
consulting, and explain how they will be compensated.
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7.3. Associates and Affiliated Entities – Organizational Structure
Read the definition of Associate (13 CFR 107.50) and Affiliated Entity (13 CFR 121.103). Indicate
whether any individual or entity identified in your organizational chart or in the previous question is an
Associate or Affiliate of any other SBIC applicant or currently licensed SBIC.
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7.4. Conflicts of Interest
Describe current or proposed methods to identify any potential conflicts of interest and the procedures
for resolving those potential conflicts.
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7.5. Advisory Committee
Do you intend to have an LP Advisory Committee?

YES ☐ NO ☐

Do you intend to have any other type of corporate, advisory or governance committee?

YES ☐ NO ☐

If “Yes” to either question, please provide a brief description of the membership of each committee, if
known. Explain the role and responsibilities of each committee, and any compensation you expect to
provide to its members.
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7.6. Personal Co-Investments
Describe your policies regarding personal investments by principals and/or other employees in portfolio
companies. If personal investments are permitted, please indicate whether “hard” dollars or “soft”
dollars will be used and discuss.
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7.7. Limited Partner Co-Investments
Describe your policies regarding co-investments made by limited partners. If you plan to offer limited
partners the opportunity to co-invest alongside the fund, explain the circumstances under which such an
offer would be made.
(Note: Please review your response to this question prior to filing your License Application. SBA is aware
that your policies regarding co-investments will be negotiated with your limited partners and the
response you provide in Phase I of the application process is subject to change.)
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7.8. Other Co-Investments
Provide details regarding any Affiliates and/or Associates, as defined in 13 CFR 107.50 and 13 CFR
121.103, respectively, that are likely to participate in SBIC investments. Please specify the nature of the
affiliation or association of the entity.
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8. Attachments
Instructions
Please submit the documents listed below and check the box next to each item you have submitted.
Attachments List
☐ Private Placement Memorandum (MAQ Applicants: If available; License Applicants: Required)
☐ Financial Projections:
Please submit a 10-year financial forecast for the proposed SBIC. The model should include the
following elements:
- Input/Assumptions worksheet containing key drivers of the model
- Balance sheet and cash flow projections for the following entities:
o Fund Entity (including Schedule of Investments)
o General Partner & Management Company
o Limited Partners
o SBA
The worksheets identified above must include the following variables as inputs or outputs:
- Expected Private Capital and SBA Leverage commitments
- Type of debentures drawn (Standard, 5-Year Discounted or 10-Year Discounted)
- Amounts and timing of SBA leverage draws, associated fees and interest rate assumptions
- Investment types and structure (debt vs. equity, yield expectations and exit proceed
assumptions)
- Expected number of investments
- Expected investment sizes
- Loss assumptions
- Investment period and harvest period length
- Projected gross IRR and net IRRs on a levered and unlevered basis
- Management fee schedule
- Cash balance expectations at fund entity level
- Annualized pro-forma budget detailing the expenses required to conduct the business of the
fund, including Principal salaries, rent, office expenses, etc.
- FOR EARLY STAGE APPLICANTS: Please ensure your fund model tracks the status of the
required “interest reserve”
As noted in the application instructions, you do not need to submit a hard copy of your model as part
of your MAQ. However, when submitting a License Application, you should include both an
electronic version of the model as well as a printed copy.

8. Attachments

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☐ Due Diligence Checklist:
Please submit the standard due diligence checklist you will use for the SBIC.
☐ Term Sheets:
Please submit one sample term sheet for each of the security types you have identified in section
1.2 of this form.
☐ Deal Pipeline:
Provide a copy of the firm’s deal pipeline for investment opportunities sourced over the past
year. Include any deals in which the firm expressed interest, commenced diligence and/or issued
a letter of intent. For each deal, indicate the source of the opportunity, the principal who
sourced the deal and the estimated transaction size.

8. Attachments

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9. Additional Information (Optional)
Instructions
Please use this page to provide additional information not requested, but which you feel is relevant to
your qualifications for an SBIC License. If you are adding to a response included elsewhere in this form,
please be sure to cite the section number. This section is optional.

9. Additional Information (Optional)

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Appendix 1. Early Stage SBIC Applicants ONLY
Is this an Early Stage SBIC Application?

YES ☐ NO ☐ If “No,” skip this section

Before completing this section, please review the regulations governing the Early Stage SBIC Initiative
(Available here: Early Stage SBICs – Final Rule)
A1.1. Investment Rounds
Describe your approach to financing early stage companies through multiple rounds of investment.
Please address the following in your response:




Your typical progression from the first financing round to your last financing round
Your approach to milestone financing
How you protect yourself against dilution

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A1.2. Pricing
Describe the methodology you use to price an investment opportunity in which the portfolio company
has not yet achieved cash-flow breakeven.
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A1.3. SBA Leverage
Discuss your strategy for the use of SBA leverage. Indicate whether you intend to use the discounted
debenture, the standard debenture or both. If you plan to use the standard debenture, explain the
method you will use to maintain the required interest reserve.
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Appendix 1. Early Stage SBIC Applicants ONLY

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Appendix 2. Impact Investment SBICs ONLY
Are you applying as an Impact Investment SBIC?

YES ☐ NO ☐ If “No,” skip this section

Please explain why you qualify for consideration as an impact applicant, with reference to the specific
qualification criteria of the SBIC Program Impact Investment Initiative (i.e. Place-based or Sector-based).
Also identify and explain the following:





Any sector or geographic focus of your impact strategy
Any explicit social or economic impact goals you are targeting
Any impact metrics you intend to track and report back to LPs
Will you be rated on your social impact by a third party? If so, identify the third party and the
ratings process that will be employed.

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Appendix 2. Impact Investment SBICs ONLY

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Appendix 3. “Drop-Down” SBIC Applicants ONLY
Is this SBIC a “drop-down” fund with a parent entity?

YES ☐ NO ☐ If “No,” skip this section

A3.1. Capital
How much capital do you intend to drop-down from the parent fund to the SBIC?

$?? M

A3.2. Parent Fund
Describe the types of investments the parent currently makes or plans to make. Discuss how those
investments and future investments may either be different from the SBIC’s investment strategy or how
they will be similar. State what criteria will be utilized for determining into which fund an investment
will be placed.
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A3.3. Co-Investments
Do you contemplate co-investing with the parent?

YES ☐ NO ☐

If “Yes,” read the definition of “Associate” in 13 CFR 107.50 and “Financings which constitute a conflict
of interest in 13 CFR 107.730. Based on your understanding of these regulatory provisions, explain how
co-investments will be handled.
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Appendix 3. “Drop-Down” SBIC Applicants ONLY

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Appendix 4. Discussion of Issues for Public SBICs ONLY
YES ☐ NO ☐

Will the SBIC be a public entity or a subsidiary of a public entity?

If “No,” skip this section.
A4.1. Valuation Policies
Are you aware of the differences between the valuation requirements of the SEC (or
state regulators) for publicly traded companies and the valuation policy for the SBIC
Program, which is available on the SBIC Program website (www.sba.gov/inv).

YES ☐ NO ☐

A4.2. Public Offering
Describe your plans for an initial public offering. If the SBIC or parent fund is already public, give a brief
history of its formation and operation as a public company.
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A4.3. Distribution Policies
Describe your proposed distribution policies in full. If you are seeking access to leverage, please discuss
the compatibility of SEC and tax laws, as well as state securities laws, regarding distributions from
investment companies with SBA regulations governing distributions and return of capital from SBICs.
Are you planning to elect to be taxed as a regulated investment company
pursuant to section 851 of the Internal Revenue Code?

YES ☐ NO ☐

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Appendix 4. Discussion of Issues for Public SBICs ONLY

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