[Federal Register Volume 62, Number 140 (Tuesday, July 22, 1997)]
[Notices]
[Pages 39294-39295]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19134]


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SMALL BUSINESS ADMINISTRATION


Specialized Small Business Investment Companies

AGENCY: Small Business Administration.

ACTION: Notice.

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SUMMARY: The Small Business Administration (SBA) implemented its 3% 
Preferred Stock Repurchase Program, effective April 1, 1994, for Small 
Business Investment Companies licensed under the former section 301(d) 
of the Small Business Investment Act (Specialized SBICs or SSBICs). 
This notice is to extend the period of availability of the Repurchase 
Program.

DATES: This Notice is effective on July 22, 1997. Written comments on 
this notice must be received no later than August 21, 1997.

ADDRESSES: Written comments should be sent to Don A. Christensen, 
Associate Administrator for Investment, U.S. Small Business 
Administration, Suite 6300, 409 Third Street, S.W., Washington, DC 
20416. Copies of the April 1, 1994, Notice implementing the Repurchase 
Program and SBA Policy and Procedural Release #2021 are available upon 
request.

FOR FURTHER INFORMATION CONTACT: Ronald C. Cibolski, Director, Office 
of SBIC Operations, Investment Division; telephone (202) 205-6519.


[[Page 39295]]


SUPPLEMENTARY INFORMATION: On June 19, 1992, SBA published a notice in 
the Federal Register (the pilot notice) announcing the commencement of 
the 3% Preferred Stock Repurchase Pilot Program for Small Business 
Investment Companies licensed under section 301(d) of the Small 
Business Investment Act of 1958, as amended. See 57 FR 27503. On April 
1, 1994, SBA published a notice in the Federal Register fully 
implementing the 3% Repurchase Program to allow each eligible SSBIC the 
opportunity to apply for the repurchase of its 3% preferred stock held 
by SBA. See 59 FR 15491. On June 14, 1994, SBA Policy and Procedural 
Release #2021 was issued notifying all licensed SSBICs that the period 
of availability for the 3% Repurchase Program would be for three (3) 
years following that date. Further, SBA Policy and Procedural Release 
#2021 delineated the procedures for applying to repurchase the 3% 
preferred stock and set forth the general conditions related to such a 
repurchase. Since its implementation, only 58% of the SSBICs with 
outstanding 3% preferred stock have participated in the Repurchase 
Program. To allow each eligible SSBIC additional time to take advantage 
of this opportunity, SBA is extending the period of availability of the 
3% Repurchase Program by four (4) years to June 14, 2001. All other 
program descriptions and conditions set forth in the April 1, 1994 
Notice implementing the Repurchase Program, as well as those delineated 
in SBA Policy and Procedural Release #2021, remain unchanged.

    Authority: Title III of the Small Business Investment Act 15 
U.S.C. 681 et seq.; 15 U.S.C. 683, 687(c), 687b, 687d, 687g, and 
687m; as amended by Pub. L. 104-208.

    Dated: July 11, 1997.
Aida Alvarez,
Administrator.
[FR Doc. 97-19134 Filed 7-21-97; 8:45 am]
BILLING CODE 8025-01-P