[Federal Register Volume 77, Number 73 (Monday, April 16, 2012)]
[Notices]
[Pages 22625-22626]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-8998]
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SMALL BUSINESS ADMINISTRATION
Intermediary Lending Pilot (ILP) Program
AGENCY: U.S. Small Business Administration (SBA).
ACTION: Notice of Funds Availability (NOFA).
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SUMMARY: The U.S. Small Business Administration (SBA) requests that
eligible organizations submit applications to become Intermediary
Lending Pilot (ILP) Intermediaries. SBA will select up to 20 applicants
to participate in the ILP program and receive direct loans of up to
$1,000,000 each. ILP Intermediaries must use the ILP Loan funds to make
loans of up to $200,000 to startup, newly established, or growing small
business concerns. ILP Intermediaries that received SBA ILP funding in
2011 are not eligible for funding in 2012.
DATES: The application deadline is 5 p.m. on May 25, 2012.
ADDRESSES: Completed applications must be sent to U.S. Small Business
Administration, Office of Financial Assistance, Microenterprise
Development Branch, Attention: Jody Raskind, Chief, 409 3rd Street SW.,
Suite 8200, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT: Jody Raskind, (202) 205-7076.
SUPPLEMENTARY INFORMATION:
Background: The Small Business Jobs Act of 2010 (Pub. L. 111-240),
enacted September 27, 2010 (the Act), includes a provision that
requires SBA to implement an Intermediary Lending Pilot (ILP) program.
Under the ILP program, SBA makes loans to selected nonprofit
intermediaries for the purpose of providing loans to small businesses.
SBA selected 20 ILP Intermediaries in
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2011. SBA will use a competitive selection process to select up to an
additional 20 ILP Intermediaries to participate in the program and
receive ILP Loans of up to $1 million in 2012. ILP Loans have a 20 year
term and an interest rate of 1%, with the first payment deferred for
two years. SBA collects no fees on the loans and requires no
collateral. An ILP Intermediary must use the ILP Loan proceeds to make
loans of up to $200,000 to startup, newly established, or growing small
businesses. Eligible intermediaries, which include private, nonprofit
community development corporations, must have at least one year of
experience making loans to startup, newly established, or growing small
businesses. Existing ILP Intermediaries and SBA Microloan
Intermediaries are not eligible to apply.
Available funding: The amount currently available for ILP Loans in
fiscal year 2012 is $20,000,000. SBA intends to select up to 20
applicants to become ILP Intermediaries and to make loans of up to
$1,000,000 to each selected ILP Intermediary. SBA reserves the right to
select and fund some, all, or none of the applicants for the ILP
program under this NOFA.
Application materials: Organizations seeking to apply for the ILP
program can obtain an ILP Application for Selection (SBA Form 2417) and
the FY 2012 ILP Program Announcement, which describes the evaluation
criteria and SBA's review and selection processes, at http://www.sba.gov/content/intermediary-lending-pilot. More information about
all aspects of the ILP program is available in the regulations
authorizing the ILP program at 13 CFR part 109, as published in the
Federal Register on April 1, 2011 (76 FR 18007), and in the ILP
Procedural Guide, available at http://www.sba.gov/content/intermediary-lending-pilot.
Application submission rules: Complete applications must be
received by the Chief, Microenterprise Development Branch in the Office
of Financial Assistance, or by specific individuals designated by the
Chief, by the deadline date and time. Applications received after that
date and time will not be considered. Due to the required irradiation
of regular mail delivered through the U.S. Postal Service prior to its
delivery to Federal offices in the Washington, DC area, organizations
are encouraged to use a ``next day'' or ``overnight delivery'' method
to ensure the timely receipt of materials. Each application must be
submitted in two different formats: (1) Hard copy with original
signatures, and (2) in Word or PDF format on a standard Compact Disc.
See the instructions in the ILP Program Application for Selection (SBA
Form 2417) for specific requirements. Applications sent via email or by
facsimile will not be accepted.
Authority: 15 U.S.C. 636(l) and 13 CFR 109.200(a).
Grady B. Hedgespeth,
Director, Office of Financial Assistance.
[FR Doc. 2012-8998 Filed 4-13-12; 8:45 am]
BILLING CODE 8025-01-P