Proposed Information Collection; Comment Request; Revolving Loan Fund Reporting and Compliance Requirements, 34284-34285 [2014-13938]

Agencies

• DEPARTMENT OF COMMERCE
• Economic Development Administration

[Federal Register Volume 79, Number 115 (Monday, June 16, 2014)]
[Notices]
[Pages 34284-34285]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-13938]


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DEPARTMENT OF COMMERCE

Economic Development Administration


Proposed Information Collection; Comment Request; Revolving Loan 
Fund Reporting and Compliance Requirements

AGENCY: Economic Development Administration, Commerce.

ACTION: Notice.

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SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995.

DATES: Written comments must be submitted on or before August 15, 2014.

ADDRESSES: Direct all written comments to Jennifer Jessup, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th 
and Constitution Avenue NW., Washington, DC 20230 (or via the Internet 
at JJessup@doc.gov).

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument and instructions should 
be directed to: Philip Saputo, Program Analyst, U.S. Department of 
Commerce, Economic Development Administration Performance and National 
Programs Division, 1401 Constitution Avenue NW., Suite 71030, 
Washington, DC 20230, Phone: 202-400-0662, Email: PSaputo@eda.gov.

SUPPLEMENTARY INFORMATION: 

I. Abstract

    The mission of the Economic Development Administration (EDA) is to 
lead the federal economic development agenda by promoting innovation 
and competitiveness, preparing American regions for growth and success 
in the worldwide economy. One of EDA's economic development tools is 
the Revolving Loan Fund (RLF) program. Under the RLF program, EDA's 
regional offices award competitive grants to units of state and local 
government, institutions of higher education, public or private non-
profit organizations, EDA-approved economic development district 
organizations, and Indian Tribes to establish RLFs. Following grant 
award, an RLF grantee disburses money from the RLF to make loans at 
interest rates that are at or below the current market rate to small 
businesses or to businesses that cannot otherwise borrow capital. On 
occasion, RLFs also make loans to finance public infrastructure. As the 
loans are repaid, the grantee uses a portion of interest earned to pay 
administrative expenses and adds the remaining principal and interest 
repayments to the RLF's capital base to make new loans. An RLF award 
that is well managed is actively used to make loans to eligible 
businesses and entities, continues to revolve funds, and does not have 
a termination date.
    One of the unique features of the program is that, by law, EDA must 
exercise fiduciary responsibility over its RLF portfolio in 
perpetuity--a significant challenge since many RLF grants date back to 
1979. EDA's regulations therefore require EDA RLF grantees to submit an 
ED-209, Semi-annual Report to EDA, every six months for each RLF they 
operate. In addition, EDA RLF grantees must submit an ED-209I, RLF 
Income and Expense Statement, if either of the following conditions 
applies to their RLF: (a) Total administrative expenses for the 6-month 
period exceed $100,000, or (b) administrative expenses for the 6-month 
period exceed 50 percent of RLF income for the 6-month period. EDA 
requires that both of these reports be completed using EDA authorized 
and provided, standardized, auto calculable Fillable PDF (Portable 
Document Format) Forms, instead of using the web-based electronic 
reporting system previously available, known as Revolving Loan Fund 
Management System (RLFMS). As of January 24, 2012, EDA terminated 
network services, including RLFMS, in response to a significant 
information technology security incident and has suspended use of RLFMS 
and will use a digital fillable PDF of the ED-209 and

[[Page 34285]]

ED-209I in lieu of the RLFMS web based ED-209 and ED209I.

II. Method of Collection

    Electronically via use of standardized auto calculable PDF forms, 
provided by the EDA and sent via email.

III. Data

    OMB Control Number: 0610-0095.
    Form Number(s): ED-209 and ED-209I.
    Type of Review: Regular submission (extension of a current 
information collection).
    Affected Public: Not for-profit institutions; state or local 
governments.
    Estimated Number of Respondents: 1,460.
    Estimated Time per Response: ED-209, 3 hours; and ED-209I, 1 hour.
    Estimated Total Annual Burden Hours: 3,796.
    Estimated Total Annual Cost to Public: $0.

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

    Dated: June 10, 2014.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 2014-13938 Filed 6-13-14; 8:45 am]
BILLING CODE 3510-24-P