[Federal Register Volume 63, Number 7 (Monday, January 12, 1998)]
[Notices]
[Page 1878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-504]
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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 6 1/8 percent for the January-March 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. 98-504 Filed 1-9-98; 8:45 am]
BILLING CODE 8025-01-P
