[Federal Register Volume 76, Number 27 (Wednesday, February 9, 2011)]
[Notices]
[Pages 7148-7149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-2894]


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DEPARTMENT OF COMMERCE

Economic Development Administration


Proposed Information Collection; Comment Request; Revolving Loan 
Fund (RLF) Reporting and Compliance Requirements

AGENCY: Economic Development Administration.

ACTION: Notice.

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SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995.

DATES: Written comments must be submitted on or before April 11, 2011.

ADDRESSES: Direct all written comments to Diana Hynek, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th 
and Constitution Avenue, NW., Washington, DC 20230 (or via the Internet 
at [email protected]).

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument and instructions should 
be directed to Kenneth M. Kukovich, EDA PRA Liaison, Office of 
Management Services, Economic Development Administration, Department of 
Commerce, HCHB Room 7227, 1401 Constitution Avenue, NW., Washington, DC 
20230; telephone: (202) 482-4965; fax: (202) 501-0766; e-mail: 
[email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    The mission of the Economic Development Administration (EDA) is to 
lead the Federal economic development agenda by promoting innovation 
and competitiveness, preparing American regions for growth and success 
in the worldwide economy. One of EDA's eight economic development 
programs is the 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

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businesses or to businesses that cannot otherwise borrow capital. On 
occasion, RLFs also make loans to finance public infrastructure. As the 
loans are repaid, 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. An RLF award 
that is well managed is actively used to make loans to eligible 
businesses and entities, continues to revolve funds, and does not have 
a termination date.
    One of the unique features of the program is that, 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 for each RLF they 
operate. 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. EDA 
requires that both of these reports be completed and submitted via the 
web-based Revolving Loan Fund Management System (RLFMS). This system 
was successfully launched on April 1, 2010, and was designed to 
eliminate duplicative data entry fields and pre-populate all calculable 
fields.

II. Method of Collection

    Electronically via the RLFMS.

III. Data

    OMB Control Number: 0610-0095.
    Form Number(s): ED-209 and ED-209I.
    Type of Review: Regular submission (extension of a currently 
approved information. collection).
    Affected Public: Not for-profit institutions; state or local 
governments.
    Estimated Number of Respondents: 1,460.
    Estimated Time per Response: ED-209, 3 hours; and ED-209I, 1 hour.
    Estimated Total Annual Burden Hours: 3,796.
    Estimated Total Annual Cost to Public: $0.

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

    Dated: February 4, 2011.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 2011-2894 Filed 2-8-11; 8:45 am]
BILLING CODE 3510-24-P