[Federal Register Volume 76, Number 84 (Monday, May 2, 2011)]
[Notices]
[Page 24556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-10622]
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SMALL BUSINESS ADMINISTRATION
Intermediary Lending Pilot (ILP) Program
AGENCY: U.S. Small Business Administration (SBA).
ACTION: Notice of Funds Availability (NOFA).
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SUMMARY: The U.S. Small Business Administration (SBA) requests that
eligible organizations submit applications to become Intermediary
Lending Pilot (ILP) Intermediaries. SBA will select up to 20 applicants
to participate in the ILP program and receive direct loans of up to
$1,000,000. ILP Intermediaries must use the ILP Loan funds to make
loans of up to $200,000 to startup, newly established, or growing small
business concerns.
DATES: The application deadline is 5 p.m. on June 10, 2011.
ADDRESSES: Completed applications must be sent to U.S. Small Business
Administration, Office of Financial Assistance, Microenterprise
Development Branch, Attention: Jody Raskind, Chief, 409 3rd Street,
SW., Suite 8200, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT: Jody Raskind, (202) 205-6485.
SUPPLEMENTARY INFORMATION: Background: The Small Business Jobs Act of
2010 (Pub. L. 111-240), enacted September 27, 2010 (the Act), includes
a provision that requires SBA to implement a three year Intermediary
Lending Pilot (ILP) program. Under the ILP program, SBA will make loans
to selected nonprofit intermediaries for the purpose of providing loans
to small businesses. Eligible intermediaries, which include private,
nonprofit community development corporations, must have at least one
year of experience making loans to startup, newly established, or
growing small businesses. SBA will use a competitive selection process
to select ILP Intermediaries to participate in the program and will
make ILP Loans of up to $1 million to no more than 20 in each of fiscal
years 2011, 2012, and 2013 (depending on availability of funds). SBA
currently has funding to make ILP Loans only in fiscal years 2011 and
2012. ILP Loans have a 20 year term and an interest rate of 1%, with
the first payment deferred for two years. SBA collects no fees on the
loans and requires no collateral. An ILP Intermediary must use the ILP
Loan proceeds to make loans of up to $200,000 to startup, newly
established, or growing small businesses.
Available funding: The amount currently available for ILP Loans in
fiscal year 2011 is $20,000,000. SBA intends to select up to 20
applicants to become ILP Intermediaries and to make loans of up to
$1,000,000 to each ILP Intermediary. SBA reserves the right to select
and fund some, all, or none of the applicants for the ILP program under
this NOFA.
Application materials: Intermediaries seeking to apply for the ILP
program can obtain an ILP Program Application for Selection (SBA Form
2417) and the FY 2011 ILP Program Announcement, which describes the
evaluation criteria and SBA's review and selection processes, at http://www.sba.gov/content/intermediary-lending-pilot. More information about
all aspects of the ILP program is available in the regulations
authorizing the ILP program at 13 CFR Part 109, as published in the
Federal Register on April 1, 2011 (76 FR 18007).
Public meetings: SBA will hold public meetings in San Francisco on
April 27, 2011 and in Washington, DC on May 5, 2011 to provide general
information to potential applicants on the requirements of the ILP
program and the application and selection process to become an ILP
Intermediary. See the notice published in the Federal Register on April
13, 2011 (76 FR 20799). SBA will not discuss specific applications at
these meetings.
Application submission rules: Complete applications must be
received by the Chief, Microenterprise Development Branch in the Office
of Financial Assistance, or by specific individuals designated by the
Chief, by the deadline date and time. Applications received after that
date and time will not be considered. Due to the required irradiation
of regular mail prior to its delivery to Federal offices in the
Washington, DC area, organizations are encouraged to use a ``next day''
or ``overnight delivery'' method to ensure the timely receipt of
materials. Each application must be submitted in two different formats:
(1) Hard copy with original signatures, and (2) in Word or PDF format
on a standard Compact Disc. See the instructions in the ILP Program
Application for Selection (SBA Form 2417) for specific requirements.
Applications sent via email or by facsimile will not be accepted.
Authority: 15 U.S.C. 636(l) and 13 CFR 109.200(a).
Grady B. Hedgespeth,
Director, Office of Financial Assistance.
[FR Doc. 2011-10622 Filed 4-29-11; 8:45 am]
BILLING CODE 8025-01-P