[Federal Register Volume 60, Number 38 (Monday, February 27, 1995)]
[Notices]
[Page 10628]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-4656]



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SMALL BUSINESS ADMINISTRATION
[Application No. 99000123]


Prospect Street NYC Discovery Fund, L.P.; Filing of an 
Application for a License To Operate as a Small Business Investment 
Company

    Notice is hereby given of the filing of an application with the 
Small Business Administration (SBA) pursuant to Sec. 107.102 of the 
regulations governing small business investment companies (13 CFR 
107.102 (1994)) by Prospect Street NYC Discovery Fund, L.P. at 250 Park 
Avenue, 17th Floor, New York, New York 10177, for a license to operate 
as a small business investment company (SBIC) under the Small Business 
Investment Act of 1958, as amended, (15 U.S.C. et seq.), and the rules 
and regulations promulgated thereunder. The applicant's principal area 
of operation will be the New York City metropolitan area and, on a 
selected basis, it may consider making investments outside such area 
within the United States.
    Prospect Street NYC Discovery Fund, L.P., a Delaware limited 
partnership, will be managed by Prospect Street NYC Discovery Fund, 
Inc., a Delaware Corporation and sole general partner of the 
Partnership. The officers and directors of Prospect Street NYC 
Discovery Fund, Inc. are: Richard E. Omohundro, Jr., C.F.A. (Chief 
Executive Officer), John F. Barry III (Executive Vice President), and 
Ronald D. Celmer (Secretary and Treasurer). Additional individuals 
assisting in the management of the applicant will include John A. 
Frabotta, Preston I. Carnes, Jr., Kevin F. Littlejohn and Dana Erikson.
    The following limited partners will own 10 percent or more of the 
proposed SBIC:

------------------------------------------------------------------------
                                                              Percentage
                            Name                                  of    
                                                              ownership 
------------------------------------------------------------------------
NYC Economic Development Corporation, 110 William Street,               
 New York, New York 10038..................................        33.00
Brooklyn Union Gas, One MetroTech Center, Brooklyn, NY                  
 11201-3850................................................        33.00
Consolidated Edison, 4 Irving Place, New York, New York                 
 10003.....................................................        33.00
------------------------------------------------------------------------

    The New York City Economic Development Corporation (EDC) is a 
quasi-independent agency responsible for improving New York City's 
business climate and providing help to local communities. EDC is a 
substantial limited partner to the applicant and will provide a unique 
source of investment opportunities by directing inquiries from 
entrepreneurs to the applicant.
    The applicant will begin operations with Regulatory Capital of 
$15.0 million and will be a source of start up, early and middle stage 
equity investments in small growth companies located in the New York 
metropolitan area which are developing, producing or commercializing 
advance technologies.
    Matters involved in SBA's consideration of the application include 
the general business reputation and character of the proposed owners 
and management, and the probability of successful operations of the new 
company under their management, including profitability and financial 
soundness in accordance with the Act and Regulations.
    Notice is hereby given that any person may, not later than 15 days 
from the date of publication of this notice, submit written comments on 
the proposed SBIC to the Associate Administrator for Investment, Small 
Business Administration, 409 3rd Street, SW, Washington, DC 20416.
    A copy of this notice will be published in a newspaper of general 
circulation in New York City, New York.

(Catalog of Federal Domestic Assistance Programs No. 59.011, Small 
Business Investment Companies)

    Dated: February 21, 1995.
Robert D. Stillman,
Assistant Administrator for Investment.
[FR Doc. 95-4656 Filed 2-24-95; 8:45 am]
BILLING CODE 8025-01-M