Notice of Proposed Rulemakings
PWEDA/Revolving Loan Fund Program
On Monday October 3, 2016, EDA issued a notice of proposed rulemaking updating its regulations implementing the Public Works and Economic Development Act of 1965, as amended. In particular, EDA is proposing important changes to the regulations governing the Revolving Loan Fund (RLF) program that are intended to reflect current best practices and strengthen EDA’s efforts to evaluate, monitor, and improve RLF performance by establishing the Risk Analysis System, a risk-based management framework, to evaluate and manage the RLF program. The proposed Risk Analysis System is modeled on the Uniform Financial Institutions Rating System, commonly known as the capital adequacy, assets, management capability, earnings, liquidity, and sensitivity (CAMELS) rating system, which has been used since 1979 to assess financial institutions on a uniform basis and to identify those in need of additional attention. EDA also proposes to reorganize the RLF regulations to improve their readability and clarify the requirements that apply to the distinct phases of an RLF award. In addition, EDA proposes specific changes to RLF requirements to make RLF awards more efficient for Recipients to administer and EDA to monitor.
Finally, through this proposed rulemaking EDA proposes important, but less comprehensive updates to other parts of its regulations, including revising definitions, replacing references to superseded regulations to reflect the promulgation of the government-wide Uniform Administrative Requirements for grants, streamlining the provisions that outline EDA’s application process, and clarifying EDA’s property management regulations.
The proposed rule can be found at https://www.federalregister.gov/documents/2016/10/03/2016-22287/revolving-loan-fund-program-changes-and-general-updates-to-pweda-regulations. 81 Fed. Reg. 68186-68213.
The deadline for public comments was December 2, 2016.
Innovative Technologies In Manufacturing Program
On Wednesday September 21, 2016, EDA issued a notice of proposed rulemaking to implement and administer the Innovative Technologies in Manufacturing (ITM) Program, as authorized by section 26 of the Stevenson-Wydler Technology Innovation Act of 1980, as amended. Through the ITM Program EDA will provide loan guarantees to small and medium-sized manufacturers for the use or production of innovative technologies. These guarantees will enable innovative technology manufacturers to obtain capital otherwise unavailable to them.
EDA welcomes public comments on the proposed rule which can be found at https://www.federalregister.gov/documents/2016/09/21/2016-22284/innovative-technologies-in-manufacturing-loan-guarantee-program. 81 Fed. Reg. 64787 - 64805.
The deadline for public comments was December 20, 2016.
Regional Innovation Program
On Wednesday September 21, 2016, EDA issued a notice of proposed rulemaking to regulate the Regional Innovation Strategies (RIS) Program, as authorized by section 27 of the Stevenson-Wydler Technology Innovation Act of 1980, as amended. Through the RIS Program, the centerpiece of the Regional Innovation Program, EDA currently awards grants for capacity-building programs that provide proof-of-concept and commercialization assistance to innovators and entrepreneurs and for operational support for organizations that provide essential early-stage funding to startup companies. The proposed rule, for the first time, lays out the overarching regulatory framework for the Regional Innovation Program and specifically focuses on outlining the structure of the RIS Program, including the mission and objectives of the RIS Program, definitions, eligibility requirements, investment rates, and application requirements.
The proposed rule can be found at: https://www.federalregister.gov/documents/2016/09/21/2016-22286/regional-innovation-program. 81 Fed. Reg. 64805-64812.
The deadline for public comments was November 21, 2016.
The Regional Innovation Program is broadly overseen by EDA’s Office of Innovation and Entrepreneurship (OIE). Information regarding OIE and further details on the RIS program, including information on RIS grantees can be found at https://www.eda.gov/oie/.