Business Development Corporation Of South Carolina - Checklist For Bdc/sba 7(A) Loan - Application Package Page 16
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29PLEASE READ, DETACH, AND RETAIN FOR YOUR RECORDS
STATEMENTS REQUIRED BY LAW AND EXECUTIVE ORDER
SBA is required to withhold or limit financial assistance, to impose special conditions on approved loans, to provide special
notices to applicants or borrowers and to require special reports and data from borrowers in order to comply with
legislation passed by the Congress and Executive Orders issued by the President and by the provisions of various inter-
agency agreements. SBA has issued regulations and procedures that implement these laws and executive orders. These
are contained in Parts 112, 113, and 117 of Title 13 of the Code of Federal Regulations and in Standard Operating
Procedures.
Privacy Act (5 U.S.C. 552a)
Any person can request to see or get copies of any personal information that SBA has in his or her file when that file is
retrieved by individual identifiers such as name or social security numbers. Requests for information about another party
may be denied unless SBA has the written permission of the individual to release the information to the requestor or unless
the information is subject to disclosure under the Freedom of Information Act.
Under the provisions of the Privacy Act, you are not required to provide your social security number. Failure to provide
your social security number may not affect any right, benefit or privilege to which you are entitled. Disclosures of name and
other personal identifiers are, however, required for a benefit, as SBA requires an individual seeking assistance from SBA
to provide it with sufficient information for it to make a character determination. In determining whether an individual is of
good character, SBA considers the person’s integrity, candor, and disposition toward criminal actions.
Additionally, SBA is specifically authorized to verify your criminal history, or lack thereof, pursuant to section
7(a)(1)(B), 15
USC Section 636(a)(1)(B) of the Small Business Act ( the Act). Further, for all forms of assistance, SBA is authorized to
make all investigations necessary to ensure that a person has not engaged in acts that violate or will violate the Act or the
Small Business Investment Act, 15 USC Sections 634(b)(11) and 687(b)(a), respectively. For these purposes, you are
asked to voluntarily provide your social security number to assist SBA in making a character determination and to
distinguish you from other individuals with the same or similar name or other personal identifier.
The Privacy Act authorizes SBA to make certain “routine uses” of information protected by that Act. One such routine use
is the disclosure of information maintained in SBA’s investigative files system of records when this information
indicates
a violation or potential violation of law, whether civil, criminal, or administrative in nature. Specifically, SBA may refer the
information to the appropriate agency, whether Federal, State, local or foreign, charged with responsibility for, or otherwise
involved in investigation, prosecution, enforcement or prevention of such violations. Another routine use is disclosure to
other Federal agencies conducting background checks; only to the extent the information is relevant to the requesting
agencies' function. See, 74 F.R. 14890 (2009), and as amended from time to time for additional background
and other
routine uses.
Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) -- This is notice to you as required by the Right to Financial
Privacy Act of 1978, of SBA's access rights to financial records held by financial institutions that are or have been doing
business with you or your business, including any financial institutions participating in a loan or loan guaranty. The law
provides that SBA shall have a right of access to your financial records in connection with its consideration or
administration of assistance to you in the form of a Government guaranteed loan. SBA is required to provide a certificate of
its compliance with the Act to a financial institution in connection with its first request for access to your financial records,
after which no further certification is required for subsequent accesses. The law also provides that SBA's access rights
continue for the term of any approved loan guaranty agreement. No further notice to you of SBA's access rights is required
during the term of any such agreement. The law also authorizes SBA to transfer to another Government authority any
financial records included in a application for a loan, or concerning an approved loan or loan guarantee, as necessary to
process, service or foreclose on a loan guaranty or collect on a defaulted loan guaranty.
Freedom of Information Act (5 U.S.C. 552)
This law provides, with some exceptions, that SBA must supply information reflected in agency files and records to a
person requesting it. Information about approved loans that will be automatically released includes, among other things,
statistics on our loan programs (individual borrowers are not identified in the statistics) and other information such as the
names of the borrowers (and their officers, directors, stockholders or partners), the collateral pledged to secure the loan,
the amount of the loan, its purpose in general terms and the maturity. Proprietary data on a borrower would not routinely
be made available to third parties. All requests under this Act are to be addressed to the nearest SBA office and be
identified as a Freedom of Information request.
Flood Disaster Protection Act (42 U.S.C. 4011) -- Regulations have been issued by the Federal Insurance Administration
(FIA) and by SBA implementing this Act and its amendments. These regulations prohibit SBA from making certain loans in
an FIA designated floodplain unless Federal Flood insurance is purchased as a condition of the loan. Failure to maintain
the required level of flood insurance makes the applicant ineligible for any financial assistance from SBA, including disaster
assistance.
Executive Orders -- Floodplain Management and Wetland Protection (42 F.R. 26951 and 42 F.R. 26961) – SBA
discourages settlement in or development of a floodplain or a wetland. This statement is to notify all SBA loan applicants
that such actions are hazardous to both life and property and should be avoided. The additional cost of flood preventive
construction must be considered in addition to the possible loss of all assets and investments due to a future flood.
SBA Form 413 (7a/504/SBG) (09-14) Previous Editions Obsolete
Page 4
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