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12/6/2005

SBA to Expedite Processing of Business Disaster Loans
by Timothy Lee, Associate Extension Specialist, UALR Lead Center

In an effort to provide faster assistance to business owners in the areas affected by Hurricanes Katrina and Rita, the U.S. Small Business Administration said it would use an expedited process for disaster loans under $100,000 for businesses that can meet specified criteria.

The business owners must have satisfactory credit, a gross income greater than $25,000, and a satisfactory SBA loan history. Additional requirements include a controlling ownership by an individual or group of individuals and a verifiable federal tax return with 12 months of operations.

Homeowners, renters and businesses in the areas affected by Hurricanes Katrina and Rita are encouraged to apply for federal assistance by registering online with FEMA at www.fema.gov, or by calling 1-800-621-FEMA (3362), or 1-800-462-7585 (TTY) for the hearing and speech impaired. The toll-free numbers will operate 24 hours daily until further notice.

For more information on SBA's disaster loan program, call the SBA's customer service center at 1-800-659-2955 daily or visit the Web site at http://www.sba.gov/disaster.

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Arkansas Small Business and Technology Development Center
University of Arkansas at Little Rock - College of Business
Donald W. Reynolds Center for Business and Economic Development
2801 S. University / Little Rock, Arkansas 72204
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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.