In accordance with 5 CFR 1320, the information collection is approved for three years. The agency is required to display the OMB Control Number and inform respondents of its legal significance in accordance with 5 CFR 1320.5(b).
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
01/31/2028
36 Months From Approved
01/31/2025
18,563
0
27,276
19,842
0
38,459
0
0
0
The Business and Industry (B&I) program was legislated in 1972 under Section 310B of the Consolidated Farm and Rural Development Act, as amended. The purpose of the program is to improve, develop, or finance businesses, industries, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved through bolstering the existing private credit structure through the guaranteeing of quality loans made by lending institutions, thereby providing lasting community benefits. The B&I program is administered by the Agency through Rural Development State and sub-State Offices serving each State.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the COVID-19 National Emergency, provided additional funding which increased the number of applications received and thus the number of servicing actions expected.
RIN 0570âAB07 is associated with the B&I CARES Act Program) published in the Federal Register today, Friday, May 22, 2020.
Beginning October 1, 2020, B&I guaranteed loans are made and serviced under 7 CFR 5001, " Guaranteed Loans." 7 CFR 5001 made no provision to transfer servicing responsibility of the existing loan portfolio, therefore all loans made prior to October 1, 2020, are still serviced under 7 CFR 4287 subpart B. The Rural Business Cooperative Service (RBCS) received funding and authority through Division B, Title I of the CARES Act to provide additional funds for use under the Business & Industry (B&I) Guaranteed Loan Program. The additional funds are thought to be a one-time infusion; however, the Agency wishes to maintain the application forms package in the event funds are provided in the future. The removal of loan making activities, specific CARES Act program responses, the reservation of the processing package and the removal of one obsolete form Form RD 1940-20, Request for Environmental Information results in a reduction in responses and hours of 8,489 and 18,392 respectively. The Agency anticipates that this ICR will continue to have decreased burden as the loans in the portfolio pay in full. Two ICRs were removed due to a change in procedure in how numbers are reported. They were combined into the current ICR.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Guaranteed Loanmaking and Servicing Regulations