[Federal Register Volume 78, Number 3 (Friday, January 4, 2013)]
[Notices]
[Page 691]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31713]
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DEPARTMENT OF AGRICULTURE
Rural Business-Cooperative Service
Maximum Loan Amount for Business and Industry Guaranteed Loans in
Fiscal Year 2013
AGENCY: Rural Business-Cooperative Service, USDA.
ACTION: Notice.
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SUMMARY: Section 4279.119(a)(1) of 7 CFR allows the Rural Business-
Cooperative Service Administrator, at the Administrator's discretion,
to grant an exception to the $10 million limit for Business and
Industry (B&I) guaranteed loans of $25 million or less under certain
circumstances. Due to the limited program funds that are expected for
Fiscal Year (FY) 2013 for the B&I Guaranteed Loan Program, the
Administrator has decided to only grant exceptions to the $10 million
loan limit for existing B&I guaranteed loan borrowers that meet certain
criteria. Limiting the maximum loan amount will enable the Agency to
provide financing assistance to as many projects as possible. In order
for an existing B&I guaranteed loan borrower to be granted an exception
to the $10 million loan limit, they must meet the following criteria:
(1) Qualify as a high priority project (a requirement of 7 CFR
4279.119(a)(1)(i)), scoring at least 50 points in accordance with the
criteria in 7 CFR 4279.155(b); (2) have an existing B&I loan that has
been current for the past 12 months without such status being achieved
through debt forgiveness; and (3) not be requesting a refinance of the
existing B&I loan. All other requirements of 7 CFR 4279.119(a) must be
met. Limiting exceptions to the $10 million limit will allow the Agency
to guarantee more loans and target smaller loans/projects impacting
more small businesses and will assist the Agency to conserve scarce
funding dollars at a time when there is unprecedented interest in the
program.
DATES: Effective Date: January 4, 2013.
FOR FURTHER INFORMATION CONTACT: Brenda Griffin, email
[email protected], Rural Development, Business Programs,
Business and Industry Division, STOP 3224, 1400 Independence Avenue
SW., Washington, DC 20250-3224, telephone (202) 720-6802.
SUPPLEMENTARY INFORMATION: This action has been reviewed and determined
not to be a rule or regulation as defined in Executive Order 12866 as
amended by Executive Order 13258.
Dated: October 3, 2012.
Lillian Salerno,
Acting Administrator, Rural Business-Cooperative Service.
[FR Doc. 2012-31713 Filed 1-3-13; 8:45 am]
BILLING CODE 3410-XY-P