[Federal Register Volume 79, Number 182 (Friday, September 19, 2014)]
[Notices]
[Page 56337]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-22371]


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DEPARTMENT OF COMMERCE


Submission for OMB Review; Comment Request

    The Department of Commerce will submit to the Office of Management 
and Budget (OMB) for clearance the following proposal for collection of 
information under the provisions of the Paperwork Reduction Act (44 
U.S.C. Chapter 35).
    Agency: Economic Development Administration.
    Title: Revolving Loan Fund Reporting and Compliance Requirements.
    OMB Control Number: 0610-0095.
    Form Number(s): ED-209 and ED-209-I.
    Type of Request: Regular submission (extension of a currently 
approved information collection).
    Number of Respondents: 1,460.
    Average Hours per Response: ED-209, 3 hours; and ED-209-I, 1 hour.
    Burden Hours: 3,796.
    Needs and Uses: The collection of information is necessary pursuant 
to Public Law 42 U.S.C. 3149. Specifically, the purpose of the data 
collection is to enable monitoring, evaluation, and use of public funds 
in accordance with fiduciary responsibilities of economic development 
loans made to public and non-profit organizations through EDA's 
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. 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. 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. 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.
    Affected Public: Not for-profit institutions; state or local 
governments.
    Frequency: ED-209, semi-annually (6 Months); the ED-209-I, on 
occasion as explained above.
    Respondent's Obligation: Mandatory.
    This information collection request may be viewed at reginfo.gov. 
Follow the instructions to view Department of Commerce collections 
currently under review by OMB.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to [email protected] or fax to (202) 395-5806.

    Dated: September 16, 2014.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 2014-22371 Filed 9-18-14; 8:45 am]
BILLING CODE 3510-24-P