SBA 'GO' Loans Expedite KatrinaRecovery
WASHINGTON - (11/11/05) -- Credit unions and banks are beingurged by the Small Business Administration to offer the agency'snew expedited 'GO Loans' to help businesses in the Gulf Statesrecover from hurricanes Katrina and Rita. Participating lenders areauthorized to approve loans of up to $150,000 in 24 hours under thenew program, unveiled this week. The expedited relief loans will beavailable in storm-stricken counties and parishes in Texas,Louisiana, Mississippi, Alabama and western Florida, through Sept.30, 2006. The loans are modeled after the SBAExpress loans and willprovide federal guarantees of up to 85% of the principal. Alllenders eligible to make SBAExpress loans will be eligible to makeGO Loans. More than 150 credit unions now participate in federallyguaranteed SBA lending.