[Federal Register Volume 78, Number 3 (Friday, January 4, 2013)]
[Notices]
[Page 691]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31713]


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DEPARTMENT OF AGRICULTURE

Rural Business-Cooperative Service


Maximum Loan Amount for Business and Industry Guaranteed Loans in 
Fiscal Year 2013

AGENCY: Rural Business-Cooperative Service, USDA.

ACTION: Notice.

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SUMMARY: Section 4279.119(a)(1) of 7 CFR allows the Rural Business-
Cooperative Service Administrator, at the Administrator's discretion, 
to grant an exception to the $10 million limit for Business and 
Industry (B&I) guaranteed loans of $25 million or less under certain 
circumstances. Due to the limited program funds that are expected for 
Fiscal Year (FY) 2013 for the B&I Guaranteed Loan Program, the 
Administrator has decided to only grant exceptions to the $10 million 
loan limit for existing B&I guaranteed loan borrowers that meet certain 
criteria. Limiting the maximum loan amount will enable the Agency to 
provide financing assistance to as many projects as possible. In order 
for an existing B&I guaranteed loan borrower to be granted an exception 
to the $10 million loan limit, they must meet the following criteria: 
(1) Qualify as a high priority project (a requirement of 7 CFR 
4279.119(a)(1)(i)), scoring at least 50 points in accordance with the 
criteria in 7 CFR 4279.155(b); (2) have an existing B&I loan that has 
been current for the past 12 months without such status being achieved 
through debt forgiveness; and (3) not be requesting a refinance of the 
existing B&I loan. All other requirements of 7 CFR 4279.119(a) must be 
met. Limiting exceptions to the $10 million limit will allow the Agency 
to guarantee more loans and target smaller loans/projects impacting 
more small businesses and will assist the Agency to conserve scarce 
funding dollars at a time when there is unprecedented interest in the 
program.

DATES: Effective Date: January 4, 2013.

FOR FURTHER INFORMATION CONTACT: Brenda Griffin, email 
[email protected], Rural Development, Business Programs, 
Business and Industry Division, STOP 3224, 1400 Independence Avenue 
SW., Washington, DC 20250-3224, telephone (202) 720-6802.

SUPPLEMENTARY INFORMATION: This action has been reviewed and determined 
not to be a rule or regulation as defined in Executive Order 12866 as 
amended by Executive Order 13258.

    Dated: October 3, 2012.
Lillian Salerno,
Acting Administrator, Rural Business-Cooperative Service.
[FR Doc. 2012-31713 Filed 1-3-13; 8:45 am]
BILLING CODE 3410-XY-P