Industry News

Disaster loan deadline approaches

SBA has approved about $514 million in loans to hurricane victims

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The deadline is Jan. 11 for homeowners, renters and businesses to file physical disaster loan applications for damages related to Hurricane Katrina, the U.S. Small Business Administration announced in a reminder today. To date, the SBA has approved more than 7,000 loans totaling over $514 million to Hurricane Katrina victims in Mississippi. SBA disaster loans are the primary source of long-term recovery assistance after a major disaster is declared, the agency announced. "Individuals and businesses that were affected by Hurricane Katrina are urged to visit one of the Disaster Recovery Centers set up throughout the area. Our staff will be glad to answer any questions about the disaster loan program, give you an application, and provide any extra help you may need or want in completing your application," said Frank Skaggs, Director of SBA Field Operations Center – East. SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are elig...