State Small Business Credit Initiative - Frequently Asked Questions (Faqs) - U.s. Department Of The Treasury Page 20

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U.S. Department of the Treasury
State Small Business Credit Initiative
according to their discretion. These sample certifications are attached as Annex 1 and 2 to this
document.
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8. May SBA-guaranteed loans or other federally guaranteed or insured loans be enrolled in approved
state programs receiving SSBCI funds?
No. The SSBCI Policy Guidelines prohibit enrolling the unguaranteed portion of SBA- guaranteed loans in
either a CAP or OCSP. This prohibition also applies to the unguaranteed portion of other federally
guaranteed loans.
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9. How do participating states, territories and municipalities comply with the Sex Offender
certifications in Section 4.9 of the Allocation Agreement?
Section 4.9 of the Allocation Agreement specifies that "[Participating states, territories and
municipalities must obtain]…(c) a certification from the private entity, including any financial institution,
that the Principals of such entity have not been convicted of a sex offense against a minor (as such terms
are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. 16911))."
Meaning of "private entity": Section 4.9(c) of the Allocation Agreement requires that both the financial
institution lender and each borrowing entity certify to the participating state, territory or municipality
that none of the Principals have been convicted to referenced sex offense.
Meaning of "Principals": For the limited purposes of Section 4.9 of the Allocation Agreement, Principal is
defined as, " if a sole proprietorship, the proprietor; if a partnership, each managing partner and each
partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a
corporation, limited liability company, association or a development company, each director, each of
the five most highly compensated executives or officers of the entity, and each natural person who is a
direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the entity."
Treasury has created sample self-certifications that a participating state, territory or municipality may
use in order to obtain certifications from the financial institution lenders and the small business
borrowers. These certifications are not intended to replace or supersede any internal controls the
participating state, territory, or municipality has in place. Rather, these certifications are provided for
illustrative purposes and are available for use by the participating state, territory, or municipality
according to their discretion. These sample certifications are attached as Annex 3 to this document.
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10. What restrictions and reporting requirements apply to use of SSBCI funds after the termination of
the Allocation Agreement on March 31, 2017? Updated April 21, 2016.
State Small Business Credit Initiative Application
Page 20 of 37
FAQs
April 21, 2016

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