[Federal Register Volume 71, Number 189 (Friday, September 29, 2006)]
[Rules and Regulations]
[Pages 57397-57398]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-15993]


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SMALL BUSINESS ADMINISTRATION

13 CFR Part 120


Gulf Opportunity Pilot Loan Program (GO Loan Pilot)

AGENCY: U.S. Small Business Administration (SBA).

ACTION: Notice of extension of waiver of regulatory provisions.

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SUMMARY: This notice announces the extension of the ``Notice of waiver 
of regulatory provisions'' for SBA's Gulf Opportunity Pilot Loan 
Program (GO Loan Pilot) until September 30, 2007. Due to the scope and 
magnitude of the devastation to Presidentially-declared disaster areas 
resulting from Hurricanes Katrina and Rita, the Agency is extending its 
full guaranty and streamlined and centralized loan processing available 
through the GO Loan Pilot to the small businesses in the eligible 
parishes/counties through September 30, 2007.

DATES: The waiver of regulatory provisions published in the Federal 
Register on November 17, 2005, is extended under this notice until 
September 30, 2007.

FOR FURTHER INFORMATION CONTACT: Charles Thomas, Office of Financial 
Assistance, U.S. Small Business Administration, 409 Third Street, SW., 
Washington, DC 20416; Telephone (202) 205-6490; [email protected].

SUPPLEMENTARY INFORMATION: In November 2005, SBA initiated, on an 
emergency basis, the GO Loan Pilot, which was designed to provide 
expedited small business financial assistance to businesses located in 
those communities severely impacted by Hurricanes Katrina and Rita. 
Under this unique initiative, the Agency provides its full (85%) 
guaranty and streamlined and centralized loan processing to all 
eligible lenders that agree to make expedited SBA 7(a) loans available 
to small businesses located in, locating to or re-locating in the 
parishes/counties that have been Presidentially-declared as disaster 
areas resulting from Hurricanes Katrina and Rita, plus any contiguous 
parishes/counties.
    To maximize the effectiveness of the GO Loan Pilot, on November 17, 
2005, SBA published a notice in the Federal Register waiving for the GO 
Loan Pilot certain Agency regulations applicable to the 7(a) Business 
Loan Program. (70 FR 69645) Since the pilot was designed as a temporary 
program scheduled to expire on September 30, 2006, the waiver of 
certain Agency regulations also was due to expire on September 30, 
2006. However, the Agency believes that there is a continuing, 
substantial need for the specific SBA assistance provided by this pilot 
in the affected areas. As part of a comprehensive federal initiative to 
assist in the continuing recovery of these highly devastated 
communities, the Agency believes it is essential that SBA extend this 
unique

[[Page 57398]]

and vital program through September 30, 2007. Accordingly, the SBA also 
is extending its waiver of the certain Agency regulations identified in 
the Federal Register notice at 70 FR 69645 through September 30, 2007.
    SBA's waiver of these provisions is authorized by Agency 
regulations. These waivers apply only to those loans approved under the 
GO Loan Pilot and will last only for the duration of the Pilot, which 
expires September 30, 2007. As part of the GO Loan Pilot, these waivers 
apply only to those small businesses located in, locating to or re-
locating in the parishes/counties that have been Presidentially-
declared as disaster areas resulting from Hurricanes Katrina or Rita, 
plus any contiguous parishes/counties. (A list of all eligible 
parishes/counties is located at http:/www.sba.gov/financing/index.html.)

(Authority: 15 U.S.C. 636(a)(24); 13 CFR 120.3)

Michael W. Hager,
Associate Deputy Administrator for Capital Access.
[FR Doc. E6-15993 Filed 9-28-06; 8:45 am]
BILLING CODE 8025-01-P