Gulf Opportunity Pilot Loan Program (GO Loan Pilot), 53007 [2010-21436]
Download as PDF
<![CDATA[
Federal Register / Vol. 75, No. 167 / Monday, August 30, 2010 / Notices
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2010–21539 Filed 8–27–10; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Gulf Opportunity Pilot Loan Program
(GO Loan Pilot)
U.S. Small Business
Administration (SBA).
ACTION: Notice of extension of waiver of
regulatory provisions.
AGENCY:
This notice announces the
extension of the ‘‘Notice of waiver of
regulatory provisions’’ for SBA’s GO
Loan Pilot until September 30, 2011.
Due to the scope and magnitude of the
devastation to Presidentially-declared
disaster areas resulting from Hurricanes
Katrina and Rita as well as the further
devastation by the BP Oil Spill that
began on April 20, 2010, the Agency is
extending its full guaranty and
streamlined and centralized loan
processing available through the GO
Loan Pilot to small businesses in the
eligible parishes/counties through
September 30, 2011.
DATES: The waiver of regulatory
provisions published in the Federal
Register on November 17, 2005, is
extended under this Notice until
September 30, 2011.
FOR FURTHER INFORMATION CONTACT: Gail
Hepler, Office of Financial Assistance,
U.S. Small Business Administration,
409 Third Street, SW., Washington, DC
20416; Telephone (202) 205–7530;
gail.hepler@sba.gov.
SUMMARY:
On
November 8, 2005, SBA initiated the GO
Loan Pilot program which was designed
to provide expedited small business
financial assistance to businesses
located in those communities severely
impacted by Hurricanes Katrina and
Rita. Under this unique initiative, SBA
provides its full (85%) guaranty and
streamlined and centralized loan
processing to all eligible lenders that
agree to make expedited SBA 7(a) loans
available to small businesses located in,
locating to or re-locating in the parishes/
counties that have been Presidentiallydeclared as disaster areas resulting from
Hurricanes Katrina and Rita, plus any
contiguous parishes/counties.
To maximize the effectiveness of the
GO Loan Pilot, on November 17, 2005,
SBA published a notice in the Federal
Register waiving for the GO Loan Pilot
jlentini on DSKJ8SOYB1PROD with NOTICES
SUPPLEMENTARY INFORMATION:
VerDate Mar<15>2010
16:28 Aug 27, 2010
Jkt 220001
certain Agency regulations for the 7(a)
Business Loan Program. (70 FR 69645).
Because the pilot was designed as a
temporary program scheduled to expire
on September 30, 2006, and was
extended to September 30, 2010, the
waiver of certain Agency regulations
also is due to expire on September 30,
2010. However, the Agency believes that
there is a continuing, substantial need
for the specific SBA assistance provided
by this pilot in the affected areas.
When compared to other similarlysized Section 7(a) loans, the GO Loan
portfolio is performing very well, at
about one-half the rate of liquidation
and one-quarter the rate of loan
purchase compared to all other 7(a)
loans of $150,000 or less. In addition,
the demand for GO Loans has continued
during FY2010 in response to the
ongoing need to rebuild the Gulf Coast
areas devastated by Hurricanes Katrina
and Rita. The annualized number of GO
Loans approved in FY 2010 is about the
same as the number of approvals for FY
2009 at approximately 560 loans per
year. Also, the Deepwater BP oil spill
that began April 20, 2010, has further
devastated the Gulf Coast region and
adversely affected many small
businesses.
Thus, the Agency believes it is
appropriate to extend this unique and
vital program through September 30,
2011. Accordingly, the SBA is also
extending its waiver of the Agency
regulations identified in the Federal
Register notice at 70 FR 69645 through
September 30, 2011. SBA’s waiver of
these provisions is authorized by
regulations. 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, 2011. As part of the GO
Loan Pilot, these waivers apply only to
those small businesses located in,
locating to, or relocating 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 will be
included in an SBA procedural notice
that will announce the extension of the
GO Loan Pilot.
Authority: 15 U.S.C. 636(a)(24); 13 CFR
120.3.
Eric R. Zarnikow,
Associate Administrator, Office of Capital
Access.
[FR Doc. 2010–21436 Filed 8–27–10; 8:45 am]
BILLING CODE 8025–01–P
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
53007
SMALL BUSINESS ADMINISTRATION
Advisory Committee on Veterans
Business Affairs; Meeting
U.S. Small Business
Administration.
ACTION: Notice of open Federal Advisory
Committee meeting.
AGENCY:
The SBA is issuing this notice
to announce the location, date, time,
and agenda for the next meeting of the
Advisory Committee on Veterans
Business Affairs. The meeting will be
open to the public.
DATES: Friday, September 24, 2010 from
9 a.m. to 5 p.m. in the Eisenhower
Conference room, side b, located on the
2nd floor.
ADDRESSES: U.S. Small Business
Administration, 409 3rd Street, SW.,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C.,
Appendix 2), SBA announces the
meeting of the Advisory Committee on
Veterans Business Affairs. The Advisory
Committee on Veterans Business Affairs
serves as an independent source of
advice and policy recommendation to
the Administrator of the U.S. Small
Business Administration.
The purpose of the meeting is to
finalize preparations for the 2010
Annual Report to SBA’s Administrator,
Associate Administrator for Veterans
Business Development, Congress, and
the President.
FOR FURTHER INFORMATION CONTACT: The
meeting is open to the public; however,
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the
Advisory Committee on Veterans
Business Affairs must contact Cheryl
Simms, Program Liaison, by September
10, 2010 by fax or e-mail in order to be
placed on the agenda. Cheryl Simms,
Program Liaison, U.S. Small Business
Administration, Office of Veterans
Business Development, 409 3rd Street,
SW., Washington, DC 20416, Telephone
number: (202) 619–1697, Fax number:
202–481–6085, e-mail address:
cheryl.simms@sba.gov.
Additionally, if you need
accommodations because of a disability
or require additional information, please
contact Cheryl Simms, Program Liaison
at (202) 619–1697; e-mail address:
cheryl.simms@sba.gov, SBA, Office of
Veterans Business Development, 409
3rd Street, SW., Washington, DC 20416.
For more information, please visit our
Web site at https://www.sba.gov/vets.
SUMMARY:
E:\FR\FM\30AUN1.SGM
30AUN1
]]>Agencies
[Federal Register Volume 75, Number 167 (Monday, August 30, 2010)]
[Notices]
[Page 53007]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21436]
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
Gulf Opportunity Pilot Loan Program (GO Loan Pilot)
AGENCY: U.S. Small Business Administration (SBA).
ACTION: Notice of extension of waiver of regulatory provisions.
-----------------------------------------------------------------------
SUMMARY: This notice announces the extension of the ``Notice of waiver
of regulatory provisions'' for SBA's GO Loan Pilot until September 30,
2011. Due to the scope and magnitude of the devastation to
Presidentially-declared disaster areas resulting from Hurricanes
Katrina and Rita as well as the further devastation by the BP Oil Spill
that began on April 20, 2010, the Agency is extending its full guaranty
and streamlined and centralized loan processing available through the
GO Loan Pilot to small businesses in the eligible parishes/counties
through September 30, 2011.
DATES: The waiver of regulatory provisions published in the Federal
Register on November 17, 2005, is extended under this Notice until
September 30, 2011.
FOR FURTHER INFORMATION CONTACT: Gail Hepler, Office of Financial
Assistance, U.S. Small Business Administration, 409 Third Street, SW.,
Washington, DC 20416; Telephone (202) 205-7530; gail.hepler@sba.gov.
SUPPLEMENTARY INFORMATION: On November 8, 2005, SBA initiated the GO
Loan Pilot program which was designed to provide expedited small
business financial assistance to businesses located in those
communities severely impacted by Hurricanes Katrina and Rita. Under
this unique initiative, SBA provides its full (85%) guaranty and
streamlined and centralized loan processing to all eligible lenders
that agree to make expedited SBA 7(a) loans available to 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.
To maximize the effectiveness of the GO Loan Pilot, on November 17,
2005, SBA published a notice in the Federal Register waiving for the GO
Loan Pilot certain Agency regulations for the 7(a) Business Loan
Program. (70 FR 69645). Because the pilot was designed as a temporary
program scheduled to expire on September 30, 2006, and was extended to
September 30, 2010, the waiver of certain Agency regulations also is
due to expire on September 30, 2010. However, the Agency believes that
there is a continuing, substantial need for the specific SBA assistance
provided by this pilot in the affected areas.
When compared to other similarly-sized Section 7(a) loans, the GO
Loan portfolio is performing very well, at about one-half the rate of
liquidation and one-quarter the rate of loan purchase compared to all
other 7(a) loans of $150,000 or less. In addition, the demand for GO
Loans has continued during FY2010 in response to the ongoing need to
rebuild the Gulf Coast areas devastated by Hurricanes Katrina and Rita.
The annualized number of GO Loans approved in FY 2010 is about the same
as the number of approvals for FY 2009 at approximately 560 loans per
year. Also, the Deepwater BP oil spill that began April 20, 2010, has
further devastated the Gulf Coast region and adversely affected many
small businesses.
Thus, the Agency believes it is appropriate to extend this unique
and vital program through September 30, 2011. Accordingly, the SBA is
also extending its waiver of the Agency regulations identified in the
Federal Register notice at 70 FR 69645 through September 30, 2011.
SBA's waiver of these provisions is authorized by regulations. 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, 2011. As part of the GO Loan Pilot, these waivers apply only 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 or Rita, plus any contiguous
parishes/counties. A list of all eligible parishes/counties will be
included in an SBA procedural notice that will announce the extension
of the GO Loan Pilot.
Authority: 15 U.S.C. 636(a)(24); 13 CFR 120.3.
Eric R. Zarnikow,
Associate Administrator, Office of Capital Access.
[FR Doc. 2010-21436 Filed 8-27-10; 8:45 am]
BILLING CODE 8025-01-P
