13 CFR § 108.520 - Management Expenses of a NMVC Company.

---
identifier: "/us/cfr/t13/s108.520"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "13 CFR § 108.520 - Management Expenses of a NMVC Company."
title_number: 13
title_name: "Business Credit and Assistance"
section_number: "108.520"
section_name: "Management Expenses of a NMVC Company."
chapter_name: "SMALL BUSINESS ADMINISTRATION"
part_number: "108"
part_name: "NEW MARKETS VENTURE CAPITAL (“NMVC”) PROGRAM"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 689-689q."
regulatory_source: "66 FR 28609, May 23, 2001, unless otherwise noted."
cfr_part: "108"
---


# 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.