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USDA/RBS | RIN: 0570-AA85 | Publication ID: Spring 2015 |
Title: Business and Industry (B&I) Guaranteed Loan Program | |
Abstract:
The Agency published a proposed rule for the Business and Industry (B&I) Guaranteed Loan Program on September 15, 2014 (78 FR 22044), which, when finalized, would revise the 1996 B&I regulations. While there have been some minor modifications to the B&I Guaranteed Loan Program regulations since 1996, this action is in response to the implement 2014 Farm Bill provisions and makes needed refinements to the regulation. These changes are designed to enhance the program, improve efficiency, correct minor inconsistencies, clarify the regulations, and ultimately reduce delinquencies. The Agency held several lender meetings throughout the country to see how changes to the program could benefit lenders who use the program. The proposed changes being considered may result in a lower the subsidy rate. The rule, when finalized, would increase lending activity, expand business opportunities, and create jobs in rural areas, particularly in areas that have historically experienced economic distress. |
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Agency: Department of Agriculture(USDA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 7 CFR 4287 7 CFR 4279 | |
Legal Authority: Consolidated Farm and Rural Development Act |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: Yes | |
RIN Data Printed in the FR: No | |
Agency Contact: Brenda Griffin Loan Specialist, B&I Processing Division Department of Agriculture Rural Business-Cooperative Service Room 6847/Stop 3224, 1400 Independence Avenue SW., Washington, DC 20250 Phone:202 720-6802 Fax:202 720-6003 Email: brenda.griffin@wdc.usda.gov |