LOS ANGELES -- The Small Business Administration said that as of last week it had approved the first 42 disaster relief loans, totaling $2.8 million, to victims of the Los Angeles rioting.
The agency had distributed 11,000 loan applications and 528 had been submitted, said SBA Administrator Patricia Saiki. Applications will be accepted until July 2 for up to $500,000 for uninsured business damages, $100,000 for residential damages, and $20,000 for homeowners and renters to replace personal property. Interest rates can be as low as 4% for terms as long as 30 years.
President Bush is seeking legislation to allocate $500 million for the disaster loan assistance program.