[Federal Register Volume 79, Number 124 (Friday, June 27, 2014)]
[Notices]
[Page 36583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-15063]


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DEPARTMENT OF THE TREASURY


State Small Business Credit Initiative; Notice of Availability of 
Revised Policy Guidelines and National Standards

AGENCY: State Small Business Credit Initiative (SSBCI), Department of 
the Treasury.

ACTION: Notice of document availability.

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SUMMARY: This Notice announces a technical correction in the recently 
updated SSBCI National Standards for Compliance and Oversight.

DATES: Effective Date: June 27, 2014.

ADDRESSES: Copies of the document are available at the SSBCI Web site 
at www.treasury.gov/ssbci.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Deputy Director, SSBCI, Department of the 
Treasury, 655 15th Street NW., Washington, DC 20220.

SUPPLEMENTARY INFORMATION: SSBCI was created under the Small Business 
Jobs Act of 2010 (Pub. L. 111-240) (the ``Act'') to help establish and 
strengthen state programs that support lending to small businesses. 
Treasury published the SSBCI National Standards for Compliance and 
Oversight (``National Standards''), which are applicable to all 
Participating States as they implement their SSBCI programs. Treasury 
updated the National Standards in May 2014, but has since determined 
there is a need for further clarification regarding conflicts of 
interest in Venture Capital Programs.
    Treasury is revising the last sentence of paragraph I.C. ``Rule 
Applicable to Independent Non-Profit and For-Profit Entities that 
Invest SSBCI Funds for Follow-On and Crossover Investments'' in order 
to clarify when an investment of SSBCI funds is allowed. This is not a 
policy change, but a clarification to make the policy easily 
understood. The change inserts the word ``prior'' to the last sentence 
of the paragraph, to specify that the funds in question must have been 
from a prior investment. The line would now read ``an investment of 
SSBCI funds in a company or venture capital fund in which the entity 
holds any type of financial interest resulting from a prior investment 
made with non- SSBCI funds'' as the bolded, underlined words are added.
    The revisions to the National Standards are available on Treasury's 
Web site at www.treasury.gov/ssbci.

    Dated: June 19, 2014.
Clifton G. Kellogg,
Director, State Small Business Credit Initiative.
[FR Doc. 2014-15063 Filed 6-26-14; 8:45 am]
BILLING CODE 4810-25-P