Gulf Opportunity Pilot Loan Program (GO Loan Pilot); Waiver of Regulatory Provisions, 69645-69646 [05-22834]

Download as PDF Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations 2180 Harvard Street, Suite 300, Sacramento, California 95815–3323. § 600.3 Farm Credit Administration Board. (a) FCA Board. The President appoints the three full-time Board members with the advice and consent of the Senate. The Board manages, administers, and establishes policies for FCA. The Board promulgates the rules and regulations implementing the Farm Credit Act of 1971, as amended, and provides for the examination of Farm Credit System institutions. (b) Chairman of the FCA Board. The Chairman of the Board is FCA’s Chief Executive Officer. The Chairman directs the implementation of the policies and regulations adopted by the Board and, after consulting the Board, the execution of the administrative functions and duties of FCA. In carrying out the Board’s policies, the Chairman acts as the spokesperson for the Board and represents the Board and FCA in their official relations within the Federal Government. § 600.4 Organization of the Farm Credit Administration. 16:07 Nov 16, 2005 Jkt 208001 PART 602—RELEASING INFORMATION 3. The authority citation for part 602 continues to read as follows: I (a) Offices and functions. The primary offices of the FCA are: (1) Office of Congressional and Public Affairs. The Office of Congressional and Public Affairs performs Congressional liaison duties and coordinates and disseminates Agency communications. (2) Office of Examination. The Office of Examination evaluates the safety and soundness of FCS institutions and their compliance with law and regulations and manages FCA’s enforcement and supervision functions. (3) Office of General Counsel. The Office of General Counsel provides legal advice and services to the FCA Chairman, the FCA Board, and Agency staff. (4) Office of Inspector General. The Office of Inspector General conducts independent audits, inspections, and investigations of Agency programs and operations and reviews proposed legislation and regulations. (5) Office of Regulatory Policy. The Office of Regulatory Policy develops policies and regulations for the FCA Board’s consideration; evaluates regulatory and statutory prior approvals; manages the Agency’s chartering activities; and analyzes policy and strategic risks to the System. (6) Office of Management Services. The Office of Management Services provides financial management services. It administers the Agency’s information resources management program; human resources management program; and contracts, procurement, mail services, and payroll. VerDate Aug<31>2005 (7) Office of Secondary Market Oversight. The Office of Secondary Market Oversight regulates and examines the Federal Agricultural Mortgage Corporation for safety and soundness and compliance with law and regulations. (8) Secretary to the Board. The Secretary to the Board serves as the parliamentarian for the Board and keeps permanent and complete records and minutes of the acts and proceedings of the Board. (b) Additional Information. You may obtain more information on the FCA’s organization by visiting our Web site at https://www.fca.gov. You may also contact the Office of Congressional and Public Affairs: (1) In writing at FCA, 1501 Farm Credit Drive, McLean, Virginia 22102– 5090; (2) By e-mail at info-line@fca.gov; or (3) By telephone at (703) 883–4056. Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252; 5 U.S.C. 301, 552; 52 FR 10012; E.O. 12600; 52 FR 23781, 3 CFR 1987, p. 235. Subpart B—Availability of Records of the Farm Credit Administration § 602.8 Authority: Secs. 5.9, 5.17 of the Farm Credit Act; 12 U.S.C. 2243, 2252. § 604.435 [Amended] 8. Amend § 604.435 by removing the words ‘‘Director, Office of Resources Management’’ and adding in their place, the words ‘‘Secretary to the Board’’ in paragraph (e). I PART 606—ENFORCEMENT OF NONDISCRIMINATION ON THE BASIS OF HANDICAP IN PROGRAMS OR ACTIVITIES CONDUCTED BY THE FARM CREDIT ADMINISTRATION 9. The authority citation for part 606 continues to read as follows: I Authority: 29 U.S.C. 794. § 606.670 [Amended] 10. Amend § 606.670 as follows: A. By removing the words ‘‘Office of Resources Management’’ and adding in their place, the words ‘‘Office of Management Services’’ in paragraph (c). I B. By removing the words ‘‘Equal Employment Opportunity Manager’’ and adding in their place, the words ‘‘Director, Equal Employment Opportunity’’ in paragraph (i). I I Dated: November 9, 2005. Jeanette C. Brinkley, Secretary, Farm Credit Administration Board. [FR Doc. 05–22731 Filed 11–16–05; 8:45 am] BILLING CODE 6705–01–P [Amended] 4. Amend § 602.8 as follows: A. By removing the words ‘‘Office of Resources Management (ORM)’’ and adding in their place, the words ‘‘Office of Management Services (OMS)’’ in the second sentence of paragraph (a). I B. By removing the acronym ‘‘ORM’’ and adding in its place, the acronym ‘‘OMS’’ each place it appears in paragraphs (b) and (c). I I PART 603—PRIVACY ACT REGULATIONS 5. The authority citation for part 603 continues to read as follows: I Authority: Secs. 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 2243, 2252); 5 U.S.C. app. 3, 5 U.S.C. 552a(j)(2) and (k)(2). § 603.340 [Amended] 6. Amend § 603.340 by removing the words ‘‘Office of Resources Management’’ and adding in their place, the words ‘‘Office of Management Services’’ each place they appear in paragraphs (a) and (b). I PART 604—FARM CREDIT ADMINISTRATION BOARD MEETINGS 7. The authority citation for part 604 continues to read as follows: I PO 00000 69645 Frm 00015 Fmt 4700 Sfmt 4700 SMALL BUSINESS ADMINISTRATION 13 CFR Part 120 Gulf Opportunity Pilot Loan Program (GO Loan Pilot); Waiver of Regulatory Provisions U.S. Small Business Administration (SBA). ACTION: Notice of waiver of regulatory provisions. AGENCY: SUMMARY: The U.S. Small Business Administration (SBA) announces the waiver for SBA’s GO Loan Pilot of certain Agency regulations applicable to the 7(a) Business Loan Program, including those relating to personal assets of borrowers, interest rates and provisions that prohibit lenders from charging certain fees. SBA’s GO Loan Pilot provides expedited small business financing to those communities severely impacted by Hurricanes Katrina and Rita. SBA intends for these waivers to minimize the burden on businesses applying for loans through the GO Loan Pilot and to provide incentives for lenders to participate in the pilot. DATES: The waiver is effective for GO Loan Pilot loans approved from E:\FR\FM\17NOR1.SGM 17NOR1 69646 Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations November 17, 2005 until September 30, 2006. FOR FURTHER INFORMATION CONTACT: Charles Thomas, Office of Financial Assistance, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416; Telephone (202) 205–6490, e-mail address: Charles.W.Thomas@sba.gov. SBA is continuing to respond to the unprecedented devastation incurred by those small businesses located in the communities affected by Hurricanes Katrina and Rita. The Agency has announced a new initiative called the GO Loan Pilot, which is one important component of the Agency’s response. The GO Loan Pilot generally will apply the policies and procedures in place for the Agency’s SBAExpress program, although there will be several substantial differences. The pilot is designed to streamline SBA financing on an emergency basis to those small businesses located in, locating to or relocating in the parishes/counties that have been Presidentially-declared as disaster areas resulting from Hurricanes Katrina and Rita, plus any contiguous parishes/counties. The maximum loan amount under the pilot is $150,000 and loans carry a full 85 percent guaranty by SBA. The GO Loan Pilot will be available for use in FY 2006 and will expire on September 30, 2006. To maximize the effectiveness of the GO Loan Pilot, SBA is waiving certain Agency regulations for the 7(a) Business Loan Program. These waivers will also minimize the burdens on the businesses applying for loans through the GO Loan Pilot and provide incentives for lenders to participate in the pilot. Under § 120.102 of SBA’s regulations (13 CFR 120.102), an applicant for an SBA-guaranteed loan through the 7(a) program must show that the desired funds are not available from the personal resources of any owner of 20 percent or more of the equity of the applicant. If such personal resources are readily available, SBA requires that those resources above a certain amount, which varies with the size of the loan, must be injected into the applicant firm’s financing package to reduce the amount of SBA’s funding. Under the GO Loan Pilot, the maximum loan amount is limited to $150,000, so under standard 7(a) program procedures, each 20 percent or more owner of the applicant business normally would be required to inject any personal liquid assets which are in excess of two times the total financing package, or in excess of $100,000, whichever is greater. SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 16:07 Nov 16, 2005 Jkt 208001 However, in recognition of the scope and magnitude of the destruction suffered by these communities as a result of Hurricanes Katrina and Rita, and the need for immediate reconstruction, SBA believes that, due to other disaster-related exigencies, prospective borrowers under the GO Loan Pilot will be unable to expediently meet SBA’s requirement that personal resources above a certain amount must be injected into the firm’s capitalization. Therefore, to further facilitate and expedite the processing of SBA loans under the GO Loan Pilot, and to avoid over-taxing the resources of financiallystrapped borrowers, SBA is waiving § 120.102 for loans approved under this pilot. Under §§ 120.213 through 120.215, SBA prescribes the maximum interest rates that a Lender may charge a borrower. For loans approved under the GO Loan Pilot, SBA is waiving the regulatory provisions set out at §§ 120.213(a), 120.214(a) through (e) and 120.215. GO Loan Pilot lenders may charge the interest rates applicable to the SBAExpress program as set forth in the SBAExpress Program Guide, available on SBA’s Web site at https:// www.sba.gov/banking/exguide.pdf. SBA is also waiving § 120.222, which prohibits lenders from charging certain fees to borrowers. Thus, under the Pilot, lenders will be permitted to charge the same fees on GO Loans as they charge on their non-SBA guaranteed commercial loans. SBA is waiving §§ 120.213(a), 120.214(a) through (e), 120.215 and 120.222 to provide incentives to lenders to participate in the pilot program. SBA’s waiver of these provisions is authorized by § 120.3 of its regulations (13 CFR 120.3). These waivers apply only to those loans approved under the GO Loan Pilot and will last only for the duration of the pilot, which expires September 30, 2006. As part of the GO Loan Pilot, these waivers apply only to those small businesses located in, locating to or re-locating in the parishes/ counties that have been Presidentiallydeclared as disaster areas resulting from Hurricanes Katrina or Rita, plus any contiguous parishes/counties. (A list of all eligible parishes/counties is located at https://www.sba.gov/financing/ index.html.) Authority: 15 U.S.C. 636(a)(24); 13 CFR 120.3. Hector V. Barreto, Administrator. [FR Doc. 05–22834 Filed 11–16–05; 8:45 am] BILLING CODE 8025–01–P PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 71 [Docket No. FAA–2005–22021; Airspace Docket No. 04–AAL–06] Establishment of Class E Airspace; Arctic Village, AK Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: SUMMARY: This action establishes Class E airspace at Arctic Village, AK to provide adequate controlled airspace to contain aircraft executing two new Standard Instrument Approach Procedures (SIAPs) and one new Instrument Flight Rules (IFR) Departure Procedure (DP). This rule results in revised Class E airspace upward from 700 feet (ft.) above the surface and from 1,200 ft. above the surface at Arctic Village Airport, AK. DATES: Effective 0901 UTC, February 16, 2006. FOR FURTHER INFORMATION CONTACT: Gary Rolf, AAL–538G, Federal Aviation Administration, 222 West 7th Avenue, Box 14, Anchorage, AK 99513–7587; telephone number (907) 271–5898; fax: (907) 271–2850; email: gary.ctr.rolf@faa.gov. Internet address: https://www.alaska.faa.gov/at. SUPPLEMENTARY INFORMATION: History On Friday, September 9, 2005, the FAA proposed to amend part 71 of the Federal Aviation Regulations (14 CFR part 71) to establish Class E airspace upward from 700 ft. and 1,200 ft above the surface at Arctic Village, AK (70 FR 53594). The action was proposed in order to create Class E airspace sufficient in size to contain aircraft while executing two new SIAPs and one new DP for the Arctic Village Airport. The new approaches are (1) Area Navigation (Global Positioning System) (RNAV (GPS)) Runway (RWY) 02, original; (2) RNAV (GPS) RWY 20, original. The DP is the TUVVO One. Class E controlled airspace extending upward from 700 ft. and 1,200 ft. above the surface in the Arctic Village Airport area is established by this action. Interested parties were invited to participate in this rulemaking proceeding by submitting written comments on the proposal to the FAA. No public comments have been received; thus the rule is adopted as proposed. The area will be depicted on aeronautical charts for pilot reference. E:\FR\FM\17NOR1.SGM 17NOR1

Agencies

[Federal Register Volume 70, Number 221 (Thursday, November 17, 2005)]
[Rules and Regulations]
[Pages 69645-69646]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22834]


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SMALL BUSINESS ADMINISTRATION

13 CFR Part 120


Gulf Opportunity Pilot Loan Program (GO Loan Pilot); Waiver of 
Regulatory Provisions

AGENCY: U.S. Small Business Administration (SBA).

ACTION: Notice of waiver of regulatory provisions.

-----------------------------------------------------------------------

SUMMARY: The U.S. Small Business Administration (SBA) announces the 
waiver for SBA's GO Loan Pilot of certain Agency regulations applicable 
to the 7(a) Business Loan Program, including those relating to personal 
assets of borrowers, interest rates and provisions that prohibit 
lenders from charging certain fees. SBA's GO Loan Pilot provides 
expedited small business financing to those communities severely 
impacted by Hurricanes Katrina and Rita. SBA intends for these waivers 
to minimize the burden on businesses applying for loans through the GO 
Loan Pilot and to provide incentives for lenders to participate in the 
pilot.

DATES: The waiver is effective for GO Loan Pilot loans approved from

[[Page 69646]]

November 17, 2005 until September 30, 2006.

FOR FURTHER INFORMATION CONTACT: Charles Thomas, Office of Financial 
Assistance, U.S. Small Business Administration, 409 Third Street, SW., 
Washington, DC 20416; Telephone (202) 205-6490, e-mail address: 
Charles.W.Thomas@sba.gov.

SUPPLEMENTARY INFORMATION: SBA is continuing to respond to the 
unprecedented devastation incurred by those small businesses located in 
the communities affected by Hurricanes Katrina and Rita. The Agency has 
announced a new initiative called the GO Loan Pilot, which is one 
important component of the Agency's response. The GO Loan Pilot 
generally will apply the policies and procedures in place for the 
Agency's SBAExpress program, although there will be several substantial 
differences. The pilot is designed to streamline SBA financing on an 
emergency basis to those small businesses located in, locating to or 
re-locating in the parishes/counties that have been Presidentially-
declared as disaster areas resulting from Hurricanes Katrina and Rita, 
plus any contiguous parishes/counties. The maximum loan amount under 
the pilot is $150,000 and loans carry a full 85 percent guaranty by 
SBA. The GO Loan Pilot will be available for use in FY 2006 and will 
expire on September 30, 2006.
    To maximize the effectiveness of the GO Loan Pilot, SBA is waiving 
certain Agency regulations for the 7(a) Business Loan Program. These 
waivers will also minimize the burdens on the businesses applying for 
loans through the GO Loan Pilot and provide incentives for lenders to 
participate in the pilot.
    Under Sec.  120.102 of SBA's regulations (13 CFR 120.102), an 
applicant for an SBA-guaranteed loan through the 7(a) program must show 
that the desired funds are not available from the personal resources of 
any owner of 20 percent or more of the equity of the applicant. If such 
personal resources are readily available, SBA requires that those 
resources above a certain amount, which varies with the size of the 
loan, must be injected into the applicant firm's financing package to 
reduce the amount of SBA's funding. Under the GO Loan Pilot, the 
maximum loan amount is limited to $150,000, so under standard 7(a) 
program procedures, each 20 percent or more owner of the applicant 
business normally would be required to inject any personal liquid 
assets which are in excess of two times the total financing package, or 
in excess of $100,000, whichever is greater.
    However, in recognition of the scope and magnitude of the 
destruction suffered by these communities as a result of Hurricanes 
Katrina and Rita, and the need for immediate reconstruction, SBA 
believes that, due to other disaster-related exigencies, prospective 
borrowers under the GO Loan Pilot will be unable to expediently meet 
SBA's requirement that personal resources above a certain amount must 
be injected into the firm's capitalization. Therefore, to further 
facilitate and expedite the processing of SBA loans under the GO Loan 
Pilot, and to avoid over-taxing the resources of financially-strapped 
borrowers, SBA is waiving Sec.  120.102 for loans approved under this 
pilot.
    Under Sec. Sec.  120.213 through 120.215, SBA prescribes the 
maximum interest rates that a Lender may charge a borrower. For loans 
approved under the GO Loan Pilot, SBA is waiving the regulatory 
provisions set out at Sec. Sec.  120.213(a), 120.214(a) through (e) and 
120.215. GO Loan Pilot lenders may charge the interest rates applicable 
to the SBAExpress program as set forth in the SBAExpress Program Guide, 
available on SBA's Web site at https://www.sba.gov/banking/exguide.pdf. 
SBA is also waiving Sec.  120.222, which prohibits lenders from 
charging certain fees to borrowers. Thus, under the Pilot, lenders will 
be permitted to charge the same fees on GO Loans as they charge on 
their non-SBA guaranteed commercial loans. SBA is waiving Sec. Sec.  
120.213(a), 120.214(a) through (e), 120.215 and 120.222 to provide 
incentives to lenders to participate in the pilot program.
    SBA's waiver of these provisions is authorized by Sec.  120.3 of 
its regulations (13 CFR 120.3). These waivers apply only to those loans 
approved under the GO Loan Pilot and will last only for the duration of 
the pilot, which expires September 30, 2006. As part of the GO Loan 
Pilot, these waivers apply only to those small businesses located in, 
locating to or re-locating in the parishes/counties that have been 
Presidentially-declared as disaster areas resulting from Hurricanes 
Katrina or Rita, plus any contiguous parishes/counties. (A list of all 
eligible parishes/counties is located at https://www.sba.gov/financing/
index.html.)

    Authority: 15 U.S.C. 636(a)(24); 13 CFR 120.3.

Hector V. Barreto,
Administrator.
[FR Doc. 05-22834 Filed 11-16-05; 8:45 am]
BILLING CODE 8025-01-P
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