Agency information collection activities: Interest rates; quarterly determinations,

[Federal Register: July 8, 1998 (Volume 63, Number 130)]

[Notices]

[Page 36987]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr08jy98-157]

SMALL BUSINESS ADMINISTRATION

Interest rates

The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a weighted average cost of money to the government for maturities similar to the average SBA direct loan. This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will be 5\7/8\ percent for the July--September quarter of FY 98.

Pursuant to 13 CFR 120.921(b), the maximum legal interest rate for a commercial loan which funds any portion of the cost of a project (see 13 CFR 120.801) shall be the greater of 6% over the New York prime rate or the limitation established by the constitution or laws of a given State. The initial rate for a fixed rate loan shall be the legal rate for the term of the loan. Jane Palsgrove Butler, Acting Associate Administrator for Financial Assistance.

[FR Doc. 98-17979Filed7-7-98; 8:45 am]

BILLING CODE 8025-01-M