Request for Information-State Small Business Credit Initiative (SSBCI) Technical Assistance Funds, 57558-57559 [2022-20326]

Download as PDF 57558 Federal Register / Vol. 87, No. 181 / Tuesday, September 20, 2022 / Notices controls focused on fiat currency and digital asset transaction monitoring and customer identification information to more effectively identify, mitigate, and report illicit finance risks? DEPARTMENT OF THE TREASURY E. Central Bank Digital Currencies (CBDC) 1. How can Treasury most effectively support the incorporation of AML/CFT controls into a potential U.S. CBDC design? AGENCY: lotter on DSK11XQN23PROD with NOTICES1 IV. Notes The term ‘‘digital asset’’ refers to all CBDCs, regardless of the technology used, and to other representations of value, financial assets and instruments, or claims that are used to make payments or investments, or to transmit or exchange funds or the equivalent thereof, that are issued or represented in digital form through the use of distributed ledger technology. Some examples of digital assets include cryptocurrencies, stablecoins, and CBDCs. Regardless of the label used, a digital asset may be, among other things, a security, a commodity, a derivative, or other financial product. Digital assets may be exchanged across digital asset trading platforms, including centralized and decentralized finance platforms, or through peer-to-peer technologies.2 The term ‘‘virtual asset’’ refers to a subset of digital assets that does not include CBDCs or representations of other financial assets, such as digitized representations of existing securities or deposits. The term ‘‘virtual asset service provider’’ as defined by FATF, means any natural or legal person who is not covered elsewhere under the FATF Recommendations, and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person: i. exchange between virtual assets and fiat currencies; ii. exchange between one or more forms of virtual assets; iii. transfer of virtual assets; iv. safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and v. participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset. Scott Rembrandt, Deputy Assistant Secretary, Office of Terrorist Financing and Financial Crimes, U.S. Department of the Treasury. [FR Doc. 2022–20279 Filed 9–19–22; 8:45 am] BILLING CODE 4810–AK–P 2 https://www.federalregister.gov/documents/ 2022/03/14/2022-05471/ensuring-responsibledevelopment-of-digital-assets. VerDate Sep<11>2014 17:48 Sep 19, 2022 Jkt 256001 Request for Information—State Small Business Credit Initiative (SSBCI) Technical Assistance Funds ACTION: Departmental Offices, Treasury. Request for information. SUMMARY: The State Small Business Credit Initiative (SSBCI) provides funds to States, Territories, the District of Columbia, and Tribal governments to enable these jurisdictions to support programs for small businesses. The Department of the Treasury (Treasury) is authorized to provide up to $500 million in support for small business technical assistance (TA) programs. Treasury invites the public to comment on how Treasury can use its authorities to fund TA to very small businesses (VSBs) and business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI-owned businesses) 1 applying to SSBCI credit and investment programs and other jurisdiction and Federal programs that support small businesses. Responses may be used to inform Treasury’s future actions. DATES: Responses must be received by October 20, 2022 to be assured of consideration. Please submit comments electronically through the Federal eRulemaking Portal: https:// www.regulations.gov. All comments should be captioned with ‘‘SSBCI Request for Information Comments.’’ Please include your name, organization (if applicable), and email addresses. Where appropriate, a comment should include a short executive summary. In general, comments received will be posted on https://www.regulations.gov without change, including any business or personal information provided. Comments received, including attachments and other supporting materials, will be part of the public record and subject to public disclosure. Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. FOR FURTHER INFORMATION CONTACT: Jeffrey Stout, at (866) 220–9050 or ssbci_ information@treasury.gov. Further ADDRESSES: 1 SEDI-owned businesses are defined and described in SSBCI guidance. See State Small Business Credit Initiative Technical Assistance Grant Program Guidelines, https:// home.treasury.gov/system/files/136/SSBCITechnical-Assistance-Guidelines-April-2022.pdf; State Small Business Credit Initiative Capital Program Policy Guidelines, https:// home.treasury.gov/system/files/256/SSBCI-CapitalProgram-Policy-Guidelines-November-2021.pdf. PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 information may be obtained from the SSBCI website, https:// home.treasury.gov/policy-issues/smallbusiness-programs/state-small-businesscredit-initiative-ssbci. SUPPLEMENTARY INFORMATION: Purpose: This request for information (RFI) offers the public the opportunity to provide information on effective approaches for the delivery of TA through SSBCI. Specifically, Treasury requests information on how it can most effectively use its authority under 12 U.S.C. 5708(e)(1) and (3) to provide funds to jurisdictions and to contract with legal, accounting, and financial advisory firms to provide TA to qualifying businesses applying to SSBCI credit and investment programs run by jurisdictions and other jurisdiction and Federal programs that support small businesses. Background: The American Rescue Plan Act of 2021 (ARPA) reauthorized and amended the Small Business Jobs Act of 2010 (SSBCI statute) to provide $10 billion to fund SSBCI as a response to the economic effects of the COVID– 19 pandemic.2 Specifically, ARPA provided over $9 billion to fund small business programs of eligible jurisdictions (i.e., states, the District of Columbia, territories, and Tribal governments) and up to $500 million for TA to qualifying businesses. Under the SSBCI statute (12 U.S.C. 5708(e)), Treasury may deploy the $500 million for TA in three ways: 3 • TA funding to eligible jurisdictions: Treasury may provide funds to eligible jurisdictions to carry out a TA plan under which a jurisdiction will provide legal, accounting, and financial advisory services, either directly or contracted with legal, accounting, and financial advisory firms, with priority given to SEDI-owned businesses, to VSBs and SEDI-owned businesses applying for SSBCI capital programs and other jurisdiction or Federal programs that support small businesses. • TA funding to the Minority Business Development Agency (MBDA): Treasury may transfer amounts to the MBDA so that the MBDA may use such amounts in a matter it determines appropriate, including through contracting with third parties, to provide TA to SEDI-owned businesses applying to SSBCI capital programs and 2 ARPA, Public Law 117–2, sec. 3301, codified at 12 U.S.C. 5701 et seq. SSBCI was originally established in title III of the Small Business Jobs Act of 2010. Information about SSBCI is available at: https://home.treasury.gov/policy-issues/smallbusiness-programs/state-small-business-creditinitiative-ssbci. 3 12 U.S.C. 5708(e). E:\FR\FM\20SEN1.SGM 20SEN1 Federal Register / Vol. 87, No. 181 / Tuesday, September 20, 2022 / Notices other jurisdiction or Federal programs that support small businesses. • TA funding to TA providers: Treasury may contract with legal, accounting, and financial advisory firms (with priority given to SEDI-owned businesses), to provide TA to SEDIowned businesses applying to SSBCI capital programs and other jurisdiction or Federal programs that support small businesses. Treasury previously allocated $200 of the $500 million in TA funding to an SSBCI TA Grant Program to support jurisdictions’ TA plans and $100 million to the MBDA.4 This RFI relates specifically to how Treasury might allocate additional funding to jurisdictions or contract with TA providers. How to Comment: This RFI is for information and planning purposes only and should not be construed as a solicitation or as an obligation on the part of Treasury. We ask respondents to address the Key Questions listed below. You do not need to address every question and should focus on those where you have views or relevant expertise. Please clearly indicate which questions you are addressing in your lotter on DSK11XQN23PROD with NOTICES1 4 See Treasury Announces Plans to Deploy $300 Million in Technical Assistance to Underserved Entrepreneurs and Very Small Businesses through the State Small Business Credit Initiative (April 28, 2022), https://home.treasury.gov/system/files/136/ SSBCITA-Release-4-28-22.pdf. VerDate Sep<11>2014 17:48 Sep 19, 2022 Jkt 256001 response. You may provide detailed suggestions and examples. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. You should only submit information that you wish to make publicly available. Guidance for Submitting Documents: We ask that each respondent include their name, organization (if applicable), and email addresses. Key Questions: 1. Gaps in TA to small businesses. What gaps exist in the types and availability of TA to small businesses that seek small business financing? In particular, Treasury is considering the following gaps: • across the business life cycle—seed, early stage, intermediate, and established; • across the capital continuum between debt and venture capital/equity financing; • across different industries (for example, do small manufacturing businesses face different hurdles than small businesses in other industries?); and • across different geographies and regions. 2. Most effective method to deploy TA funding. How can the deployment of TA funding under 12 U.S.C. 5708(e)(1) and (3) most effectively impact VSBs and PO 00000 Frm 00108 Fmt 4703 Sfmt 9990 57559 SEDI-owned businesses in communities throughout the United States? 3. Considerations for a competitive TA grant program. If Treasury conducted a program to provide competitive grants to jurisdictions, in addition to the existing pre-allocated SSBCI TA Grant Program, what criteria should Treasury consider in selecting recipients and sizing awards? 4. Considerations for contracting. If Treasury contracted with legal, accounting, and financial advisory firms to provide TA to qualifying SEDI-owned businesses under 12 U.S.C. 5708(e)(3), what types of entities are best positioned to provide TA to address gaps in TA availability? Please provide specific examples. 5. Leveraging TA funding. How could the Federal TA funding crowd in and leverage private, nonprofit, and philanthropic funds for the same purposes? Are there existing private sector, nonprofit, and philanthropic funded TA services for VSBs and SEDIowned businesses and how could Treasury’s efforts leverage that funding? 6. Other comments. Do you have any other comments on any aspect of the deployment of the TA funding under 12 U.S.C. 5708(e)(1) and (3)? Jeffrey Stout, Director, SSBCI. [FR Doc. 2022–20326 Filed 9–19–22; 8:45 am] BILLING CODE 4810–AK–P E:\FR\FM\20SEN1.SGM 20SEN1

Agencies

DEPARTMENT OF THE TREASURY

[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57558-57559]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20326]


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DEPARTMENT OF THE TREASURY


Request for Information--State Small Business Credit Initiative 
(SSBCI) Technical Assistance Funds

AGENCY: Departmental Offices, Treasury.

ACTION: Request for information.

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SUMMARY: The State Small Business Credit Initiative (SSBCI) provides 
funds to States, Territories, the District of Columbia, and Tribal 
governments to enable these jurisdictions to support programs for small 
businesses. The Department of the Treasury (Treasury) is authorized to 
provide up to $500 million in support for small business technical 
assistance (TA) programs. Treasury invites the public to comment on how 
Treasury can use its authorities to fund TA to very small businesses 
(VSBs) and business enterprises owned and controlled by socially and 
economically disadvantaged individuals (SEDI-owned businesses) \1\ 
applying to SSBCI credit and investment programs and other jurisdiction 
and Federal programs that support small businesses. Responses may be 
used to inform Treasury's future actions.
---------------------------------------------------------------------------

    \1\ SEDI-owned businesses are defined and described in SSBCI 
guidance. See State Small Business Credit Initiative Technical 
Assistance Grant Program Guidelines, https://home.treasury.gov/system/files/136/SSBCI-Technical-Assistance-Guidelines-April-2022.pdf; State Small Business Credit Initiative Capital Program 
Policy Guidelines, https://home.treasury.gov/system/files/256/SSBCI-Capital-Program-Policy-Guidelines-November-2021.pdf.

DATES: Responses must be received by October 20, 2022 to be assured of 
---------------------------------------------------------------------------
consideration.

ADDRESSES: Please submit comments electronically through the Federal 
eRulemaking Portal: https://www.regulations.gov. All comments should be 
captioned with ``SSBCI Request for Information Comments.'' Please 
include your name, organization (if applicable), and email addresses. 
Where appropriate, a comment should include a short executive summary. 
In general, comments received will be posted on https://www.regulations.gov without change, including any business or personal 
information provided. Comments received, including attachments and 
other supporting materials, will be part of the public record and 
subject to public disclosure. Do not enclose any information in your 
comment or supporting materials that you consider confidential or 
inappropriate for public disclosure.

FOR FURTHER INFORMATION CONTACT: Jeffrey Stout, at (866) 220-9050 or 
[email protected]. Further information may be obtained 
from the SSBCI website, https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci.

SUPPLEMENTARY INFORMATION: 
    Purpose: This request for information (RFI) offers the public the 
opportunity to provide information on effective approaches for the 
delivery of TA through SSBCI. Specifically, Treasury requests 
information on how it can most effectively use its authority under 12 
U.S.C. 5708(e)(1) and (3) to provide funds to jurisdictions and to 
contract with legal, accounting, and financial advisory firms to 
provide TA to qualifying businesses applying to SSBCI credit and 
investment programs run by jurisdictions and other jurisdiction and 
Federal programs that support small businesses.
    Background: The American Rescue Plan Act of 2021 (ARPA) 
reauthorized and amended the Small Business Jobs Act of 2010 (SSBCI 
statute) to provide $10 billion to fund SSBCI as a response to the 
economic effects of the COVID-19 pandemic.\2\ Specifically, ARPA 
provided over $9 billion to fund small business programs of eligible 
jurisdictions (i.e., states, the District of Columbia, territories, and 
Tribal governments) and up to $500 million for TA to qualifying 
businesses. Under the SSBCI statute (12 U.S.C. 5708(e)), Treasury may 
deploy the $500 million for TA in three ways: \3\
---------------------------------------------------------------------------

    \2\ ARPA, Public Law 117-2, sec. 3301, codified at 12 U.S.C. 
5701 et seq. SSBCI was originally established in title III of the 
Small Business Jobs Act of 2010. Information about SSBCI is 
available at: https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci.
    \3\ 12 U.S.C. 5708(e).
---------------------------------------------------------------------------

     TA funding to eligible jurisdictions: Treasury may provide 
funds to eligible jurisdictions to carry out a TA plan under which a 
jurisdiction will provide legal, accounting, and financial advisory 
services, either directly or contracted with legal, accounting, and 
financial advisory firms, with priority given to SEDI-owned businesses, 
to VSBs and SEDI-owned businesses applying for SSBCI capital programs 
and other jurisdiction or Federal programs that support small 
businesses.
     TA funding to the Minority Business Development Agency 
(MBDA): Treasury may transfer amounts to the MBDA so that the MBDA may 
use such amounts in a matter it determines appropriate, including 
through contracting with third parties, to provide TA to SEDI-owned 
businesses applying to SSBCI capital programs and

[[Page 57559]]

other jurisdiction or Federal programs that support small businesses.
     TA funding to TA providers: Treasury may contract with 
legal, accounting, and financial advisory firms (with priority given to 
SEDI-owned businesses), to provide TA to SEDI-owned businesses applying 
to SSBCI capital programs and other jurisdiction or Federal programs 
that support small businesses.
    Treasury previously allocated $200 of the $500 million in TA 
funding to an SSBCI TA Grant Program to support jurisdictions' TA plans 
and $100 million to the MBDA.\4\ This RFI relates specifically to how 
Treasury might allocate additional funding to jurisdictions or contract 
with TA providers.
---------------------------------------------------------------------------

    \4\ See Treasury Announces Plans to Deploy $300 Million in 
Technical Assistance to Underserved Entrepreneurs and Very Small 
Businesses through the State Small Business Credit Initiative (April 
28, 2022), https://home.treasury.gov/system/files/136/SSBCITA-Release-4-28-22.pdf.
---------------------------------------------------------------------------

    How to Comment: This RFI is for information and planning purposes 
only and should not be construed as a solicitation or as an obligation 
on the part of Treasury. We ask respondents to address the Key 
Questions listed below. You do not need to address every question and 
should focus on those where you have views or relevant expertise. 
Please clearly indicate which questions you are addressing in your 
response. You may provide detailed suggestions and examples. All 
comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. You should only submit information that you wish to make 
publicly available.
    Guidance for Submitting Documents: We ask that each respondent 
include their name, organization (if applicable), and email addresses.
    Key Questions:
    1. Gaps in TA to small businesses. What gaps exist in the types and 
availability of TA to small businesses that seek small business 
financing? In particular, Treasury is considering the following gaps:
     across the business life cycle--seed, early stage, 
intermediate, and established;
     across the capital continuum between debt and venture 
capital/equity financing;
     across different industries (for example, do small 
manufacturing businesses face different hurdles than small businesses 
in other industries?); and
     across different geographies and regions.
    2. Most effective method to deploy TA funding. How can the 
deployment of TA funding under 12 U.S.C. 5708(e)(1) and (3) most 
effectively impact VSBs and SEDI-owned businesses in communities 
throughout the United States?
    3. Considerations for a competitive TA grant program. If Treasury 
conducted a program to provide competitive grants to jurisdictions, in 
addition to the existing pre-allocated SSBCI TA Grant Program, what 
criteria should Treasury consider in selecting recipients and sizing 
awards?
    4. Considerations for contracting. If Treasury contracted with 
legal, accounting, and financial advisory firms to provide TA to 
qualifying SEDI-owned businesses under 12 U.S.C. 5708(e)(3), what types 
of entities are best positioned to provide TA to address gaps in TA 
availability? Please provide specific examples.
    5. Leveraging TA funding. How could the Federal TA funding crowd in 
and leverage private, nonprofit, and philanthropic funds for the same 
purposes? Are there existing private sector, nonprofit, and 
philanthropic funded TA services for VSBs and SEDI-owned businesses and 
how could Treasury's efforts leverage that funding?
    6. Other comments. Do you have any other comments on any aspect of 
the deployment of the TA funding under 12 U.S.C. 5708(e)(1) and (3)?

Jeffrey Stout,
Director, SSBCI.
[FR Doc. 2022-20326 Filed 9-19-22; 8:45 am]
BILLING CODE 4810-AK-P

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