[Federal Register Volume 72, Number 181 (Wednesday, September 19, 2007)]
[Notices]
[Page 53617]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-18520]


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SMALL BUSINESS ADMINISTRATION


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 GO Loan Pilot until September 30, 
2008. 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, 2008.

DATES: The waiver of regulatory provisions published in the Federal 
Register on November 17, 2005, is extended under this notice until 
September 30, 2008.

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: On November 8, 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, SBA 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 for 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, and was extended to 
September 30, 2007, the waiver of certain Agency regulations also is 
due to expire on September 30, 2007. 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 and vital program through 
September 30, 2008. Accordingly, the SBA is also extending its waiver 
of the certain Agency regulations identified in the Federal Register 
notice at 70 FR 69645 through September 30, 2008.
    SBA's waiver of these provisions is authorized by 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, 2008. 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/idc/groups/public/documents/sba_homepage/serv_goloan_3.pdf.)

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

Michael W. Hager,
Associate Administrator, Office of Capital Access.
 [FR Doc. E7-18520 Filed 9-18-07; 8:45 am]
BILLING CODE 8025-01-P