Gulf Opportunity Pilot Loan Program (GO Loan Pilot), 60960-60961 [2011-25186]

Download as PDF 60960 Federal Register / Vol. 76, No. 190 / Friday, September 30, 2011 / Notices Percent For Economic Injury: Non-Profit Organizations without Credit Available Elsewhere .......................... Gulf Opportunity Pilot Loan Program (GO Loan Pilot) 3.000 The number assigned to this disaster for physical damage is 128485 and for economic injury is 128495. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2011–25183 Filed 9–29–11; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #12653 and #12654] North Dakota Disaster Number ND– 00024 U.S. Small Business Administration. ACTION: Amendment 6. AGENCY: This is an amendment of the Presidential declaration of a major disaster for the State of North Dakota (FEMA—1981—DR), dated 06/24/2011. Incident: Flooding. Incident Period: 02/14/2011 through 07/20/2011. Effective Date: 09/22/2011. Physical Loan Application Deadline Date: 11/21/2011. EIDL LOAN Application Deadline Date: 03/21/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the State of North Dakota, dated 06/24/2011 is hereby amended to extend the deadline for filing applications for physical damages as a result of this disaster to 11/21/2011. All other information in the original declaration remains unchanged. mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2011–25185 Filed 9–29–11; 8:45 am] BILLING CODE 8025–01–P VerDate Mar<15>2010 17:19 Sep 29, 2011 SMALL BUSINESS ADMINISTRATION Jkt 223001 U.S. Small Business Administration (SBA). ACTION: Notice of extension of waiver of regulatory provisions. AGENCY: This notice announces the extension of SBA’s GO Loan Pilot, with modifications, until December 31, 2013. 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 April 2011 severe storms, tornadoes and flooding along the Mississippi River and its tributaries, and most recently Tropical Storm Lee, which together have had a long-term negative impact on the recovery of small businesses in the region, 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 December 31, 2013. DATES: The waiver of regulatory provisions published in the Federal Register on November 17, 2005, is extended with modifications until December 31, 2013. FOR FURTHER INFORMATION CONTACT: W. Sloan Coleman, Office of Financial Assistance, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416; Telephone (202) 205–7737; w.coleman@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). The pilot, including the waiver of regulations, was designed as a temporary program and was originally SUMMARY: PO 00000 Frm 00162 Fmt 4703 Sfmt 4703 scheduled to expire on September 30, 2006, but was extended to September 30, 2011. The Agency believes, however, that there is a continuing, substantial need for the specific SBA assistance provided by this pilot in the affected areas. SBA, therefore, is extending the GO Loan Pilot, but with a modification to the previous regulatory waiver published in the Federal Register on November 17, 2005, as described more fully below. Under SBA’s regulations at 13 CFR120.102, an applicant for an SBAguaranteed 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. As stated in the Federal Register notice published on November 17, 2005, this regulation was waived ‘‘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.’’ Because the devastation caused by Hurricanes Katrina and Rita occurred more than six years ago, SBA no longer believes it is necessary to waive this regulation for loans under the GO Loan Pilot and, therefore, is not extending the waiver of 13 CFR 120.102. SBA is extending the waiver of all other regulatory provisions published in the Federal Register on November 17, 2005 as part of the GO Loan Pilot program. Specifically, SBA is continuing to waive 13 CFR 120.213(a), 120.214(a) through (e), and 120.215 in order to allow GO Loan Pilot Lenders to charge the interest rates applicable to the SBA Express Program as set forth in SOP 50 10 5, Subpart B, Chapter 3. (SOP 50 10 5 may be found on SBA’s Web site at https://www.sba.gov/for-lenders, then click on Standard Operating Procedures for a listing of SOPs.) SBA is also continuing to waive 13 CFR § 120.222 in order to permit GO Loan Pilot lenders to charge the same fees on GO Loans as they charge on their similarly sized nonSBA guaranteed commercial loans. When compared to other similarlysized Section 7(a) loans, the GO Loan E:\FR\FM\30SEN1.SGM 30SEN1 Federal Register / Vol. 76, No. 190 / Friday, September 30, 2011 / Notices Pilot 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 FY2011 in response to the ongoing need to rebuild the Gulf Coast areas devastated by Hurricanes Katrina and Rita and the setback in these efforts caused by the several natural disasters that affected the region this year. The approximate number of GO Loans is only slightly less than the number of loans approved in FY 2010 at approximately 520 loans. Thus, the Agency believes it is appropriate to extend this unique and vital program through December 31, 2013, with no further extensions after that. In the interim, the Agency will determine whether a program should be developed that provides for disaster recovery financial assistance under SBA’s 7(a) Business Loan Program that could be applied to any region that meets a predetermined set of criteria. Accordingly, the SBA is also extending its waiver of the Agency regulations identified in the Federal Register notice at 70 FR 69645 with the exception noted above through December 31, 2013 only. SBA’s waiver of these regulations is authorized by 13 CFR 120.3. These waivers apply only to those loans approved under the GO Loan Pilot, which expires December 31, 2013. 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. Dated: September 26, 2011. Steven J. Smits, Associate Administrator, Office of Capital Access. [FR Doc. 2011–25186 Filed 9–29–11; 8:45 am] BILLING CODE 8025–01–P mstockstill on DSK4VPTVN1PROD with NOTICES DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Approval of Noise Compatibility Program; Kissimmee Gateway Airport, Kissimmee, FL Federal Aviation Administration, DOT. AGENCY: VerDate Mar<15>2010 17:19 Sep 29, 2011 Jkt 223001 ACTION: Notice. The Federal Aviation Administration (FAA) announces its findings on the Noise Compatibility Program Update (NCP) submitted by the City of Kissimmee under the provisions of 49 U.S.C. (the Aviation Safety and Noise Abatement Act, hereinafter referred to as ‘‘the Act’’) and 14 CFR part 150. These findings are made in recognition of the description of Federal and nonfederal responsibilities in Senate Report No. 96–52 (1980). On December 11, 2009, the FAA determined that the Noise Exposure Maps submitted by the City of Kissimmee under Part 150 were in compliance with applicable requirements. On September 23, 2011, the FAA approved the Kissimmee Gateway Airport Noise Compatibility Program Update. Some of the recommendations of the Program were approved. DATES: Effective Date: The effective date of the FAA’s approval of the Kissimmee Gateway Airport Noise Compatibility Program Update is September 23, 2011. FOR FURTHER INFORMATION CONTACT: Allan M. Nagy, Federal Aviation Administration, Orlando Airports District Office, 5950 Hazeltine National Drive, Suite 400, Orlando, Florida 32822, phone number: 407–812–6331. Documents reflecting this FAA action may be reviewed at this same location. SUPPLEMENTARY INFORMATION: This notice announces that the FAA has given its overall approval to the Noise Compatibility Program Update for Kissimmee Gateway Airport, effective September 23, 2011. Under Section 47504 of the Act, an airport operator who has previously submitted a Noise Exposure Map may submit to the FAA a Noise Compatibility Program which sets forth the measures taken or proposed by the airport operator for the reduction of existing non-compatible land uses and prevention of additional non-compatible land uses within the area covered by the Noise Exposure Maps. The Act requires such programs to be developed in consultation with interested and affected parties including local communities, government agencies, airport users, and FAA personnel. Each airport noise compatibility program developed in accordance with Title 14 Code of Federal Regulations (CFR) part 150 is a local program, not a Federal program. The FAA does not substitute its judgment for that of the airport operator with respect to which measure should be recommended for action. The FAA’s approval or SUMMARY: PO 00000 Frm 00163 Fmt 4703 Sfmt 4703 60961 disapproval of 14 CFR part 150 program recommendations is measured according to the standards expressed in 14 CFR part 150 and the Act, and is limited to the following determinations: a. The Noise Compatibility Program was developed in accordance with the provisions and procedures of 14 CFR part 150; b. Program measures are reasonably consistent with achieving the goals of reducing existing non-compatible land uses around the airport and preventing the introduction of additional noncompatible land uses; c. Program measures would not create an undue burden on interstate or foreign commerce, unjustly discriminate against types or classes of aeronautical uses, violate the terms of airport grant agreements, or intrude into areas preempted by the Federal government; and d. Program measures relating to the use of flight procedures can be implemented within the period covered by the program without derogating safety, adversely affecting the efficient use and management of the navigable airspace and air traffic control systems, or adversely affecting other powers and responsibilities of the Administrator prescribed by law. Specific limitations with respect to FAA’s approval of an airport Noise Compatibility Program are delineated in 14 CFR part 150, Section 150.5. Approval is not a determination concerning the acceptability of land uses under Federal, state, or local law. Approval does not by itself constitute an FAA implementing action. A request for Federal action or approval to implement specific noise compatibility measures may be required, and an FAA decision on the request may require an environmental assessment of the proposed action. Approval does not constitute a commitment by the FAA to financially assist in the implementation of the program nor a determination that all measures covered by the program are eligible for grant-in-aid funding from the FAA. Where Federal funding is sought, requests for project grants must be submitted to the appropriate FAA Airports District Office. The City of Kissimmee submitted to the FAA on November 16, 2009, the Noise Exposure Maps, descriptions, and other documentation produced during the noise compatibility planning study conducted from September 19, 2008, through September 23, 2011. The Kissimmee Gateway Airport Noise Exposure Maps were determined by FAA to be in compliance with applicable requirements on December 11, 2009. Notice of this determination E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 76, Number 190 (Friday, September 30, 2011)]
[Notices]
[Pages 60960-60961]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25186]


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

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 SBA's GO Loan Pilot, 
with modifications, until December 31, 2013. 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 April 2011 severe storms, tornadoes and flooding 
along the Mississippi River and its tributaries, and most recently 
Tropical Storm Lee, which together have had a long-term negative impact 
on the recovery of small businesses in the region, 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 December 31, 2013.

DATES: The waiver of regulatory provisions published in the Federal 
Register on November 17, 2005, is extended with modifications until 
December 31, 2013.

FOR FURTHER INFORMATION CONTACT: W. Sloan Coleman, Office of Financial 
Assistance, U.S. Small Business Administration, 409 Third Street, SW., 
Washington, DC 20416; Telephone (202) 205-7737; w.coleman@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). The pilot, including the waiver of regulations, 
was designed as a temporary program and was originally scheduled to 
expire on September 30, 2006, but was extended to September 30, 2011. 
The Agency believes, however, that there is a continuing, substantial 
need for the specific SBA assistance provided by this pilot in the 
affected areas. SBA, therefore, is extending the GO Loan Pilot, but 
with a modification to the previous regulatory waiver published in the 
Federal Register on November 17, 2005, as described more fully below.
    Under SBA's regulations at 13 CFR120.102, 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. As stated in the Federal Register notice 
published on November 17, 2005, this regulation was waived ``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.'' Because the devastation caused by Hurricanes 
Katrina and Rita occurred more than six years ago, SBA no longer 
believes it is necessary to waive this regulation for loans under the 
GO Loan Pilot and, therefore, is not extending the waiver of 13 CFR 
120.102.
    SBA is extending the waiver of all other regulatory provisions 
published in the Federal Register on November 17, 2005 as part of the 
GO Loan Pilot program. Specifically, SBA is continuing to waive 13 CFR 
120.213(a), 120.214(a) through (e), and 120.215 in order to allow GO 
Loan Pilot Lenders to charge the interest rates applicable to the SBA 
Express Program as set forth in SOP 50 10 5, Subpart B, Chapter 3. (SOP 
50 10 5 may be found on SBA's Web site at https://www.sba.gov/for-lenders, then click on Standard Operating Procedures for a listing of 
SOPs.) SBA is also continuing to waive 13 CFR Sec.  120.222 in order to 
permit GO Loan Pilot lenders to charge the same fees on GO Loans as 
they charge on their similarly sized non-SBA guaranteed commercial 
loans.
    When compared to other similarly-sized Section 7(a) loans, the GO 
Loan

[[Page 60961]]

Pilot 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 FY2011 in response to the ongoing need to 
rebuild the Gulf Coast areas devastated by Hurricanes Katrina and Rita 
and the setback in these efforts caused by the several natural 
disasters that affected the region this year. The approximate number of 
GO Loans is only slightly less than the number of loans approved in FY 
2010 at approximately 520 loans.
    Thus, the Agency believes it is appropriate to extend this unique 
and vital program through December 31, 2013, with no further extensions 
after that. In the interim, the Agency will determine whether a program 
should be developed that provides for disaster recovery financial 
assistance under SBA's 7(a) Business Loan Program that could be applied 
to any region that meets a predetermined set of criteria. Accordingly, 
the SBA is also extending its waiver of the Agency regulations 
identified in the Federal Register notice at 70 FR 69645 with the 
exception noted above through December 31, 2013 only.
    SBA's waiver of these regulations is authorized by 13 CFR 120.3. 
These waivers apply only to those loans approved under the GO Loan 
Pilot, which expires December 31, 2013. 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.

    Dated: September 26, 2011.
Steven J. Smits,
Associate Administrator, Office of Capital Access.
[FR Doc. 2011-25186 Filed 9-29-11; 8:45 am]
BILLING CODE 8025-01-P
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