Overview
Title
Reporting and Recordkeeping Requirements Under OMB Review
Agencies
ELI5 AI
The Small Business Administration wants to ask people in their microloan program some questions to see how it helps them, but they're making sure to give everyone a chance to say how they feel about these questions. They need to check things like how safe the answers are and who will be asked these questions, but they’re still working out all the details.
Summary AI
The Small Business Administration (SBA) is requesting approval from the Office of Management and Budget (OMB) to collect information about the SBA Microloan Program. This program involves surveys and interviews with program participants, such as borrowers and lenders, to evaluate impacts on business growth, revenue, and job creation. The public has until February 11, 2021, to provide comments on the information collection plan. The feedback will help the SBA improve the program and reduce the burden of future data collection.
Abstract
The Small Business Administration (SBA) is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act and OMB procedures, SBA is publishing this notice to allow all interested member of the public an additional 30 days to provide comments on the proposed collection of information.
Keywords AI
Sources
AnalysisAI
The document under review is a notice from the Small Business Administration (SBA) regarding a request for approval from the Office of Management and Budget (OMB) for collecting information about the SBA Microloan Program. The document serves to inform the public and invites commentary on the proposed information collection process.
General Summary
The SBA Microloan Program is aimed at assessing the outcomes and impacts of micro-financing activities on small businesses. It involves gathering data through surveys and interviews with participants, including borrowers and intermediary lenders. The information collection focuses on various aspects such as lending activities, business growth, revenue, job creation, and business sustainability. The feedback from the public is sought to refine this information collection plan and ensure that it effectively serves its purpose.
Significant Issues and Concerns
Several issues emerge from the document that warrant further attention:
Lack of Cost Breakdown: The notice does not provide a detailed account of the costs involved in the information collection activities. This absence makes it challenging to assess whether the resources allocated are being used efficiently or if there may be potential wastage.
Imprecise Data Description: Although the notice outlines the type of data to be collected, such as details on business growth and job creation, it lacks specificity. Defining specific metrics or indicators that will be used to evaluate these areas would enhance clarity and effectiveness.
Data Security Concerns: The document does not address how sensitive data, especially proprietary business information, will be safeguarded. Ensuring data security is crucial for encouraging honest participation from stakeholders who may be concerned about confidentiality.
Selection Criteria Ambiguity: The criteria for selecting borrowers and intermediary lenders as survey participants are unclear. This lack of transparency may lead to concerns about whether the sample accurately represents the population it aims to study.
Undefined Terminology: The term "intermediary lenders" is mentioned without a clear definition, which could lead to misunderstandings about which entities qualify as part of this group.
Impact on the Public and Stakeholders
The proposed data collection could have several implications for the public and specific stakeholders:
Broad Public Impact: If executed successfully, the improved understanding of the SBA's micro-financing activities could lead to better policy decisions and more effective support for small businesses, ultimately contributing to economic growth.
Specific Stakeholder Impact: Participants of the microloan program, particularly small business owners, might benefit from improvements to the program based on collected data insights. Conversely, if the process lacks transparency or security, some stakeholders might feel discouraged from participating due to concerns about data privacy.
The forthcoming public comments are an opportunity for stakeholders to voice these concerns and contribute to shaping a more robust and beneficial program evaluation process. Through constructive feedback, it is possible to mitigate the highlighted issues and enhance the SBA Microloan Program's overall effectiveness and efficiency.
Issues
• The document does not provide a detailed breakdown of costs associated with the information collection effort, making it difficult to assess potential wasteful spending.
• The language pertaining to 'data collected on lending and technical assistance activities, business growth, revenue, job creation, and survival' could be more precise and provide specific metrics that will be used for evaluation.
• The notice does not specify how the collected data will be securely stored and protected, which could be a concern for participants providing sensitive business information.
• There is a lack of detail on the selection criteria for intermediary lenders and borrowers participating in the survey, which could raise concerns about the comprehensiveness and impartiality of the sample.
• The term 'intermediary lenders' is not clearly defined, leaving room for ambiguity about which organizations or entities fall under this category.