Businesses and residents affected by the flash flooding in Kentucky on July 7 can now apply for low-interest disaster loans from the U.S. Small Business Administration.
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The House of Representatives on Monday unanimously approved the Small Business Administration loan program in a bill the Senate had already passed. Loan approvals went on hold Thursday when the SBA reached its $18.75 billion annual limit for loan guarantees. Obama is ramping up pressure on Congress to reauthorize the Export-Import Bank, the obscure federal agency’s charter expired last month after lawmakers refused to reauthorize it. The bank underwrites loans to foreign companies purchasing American products, but conservatives call it corporate welfare. Applications that have been processed are now in a queue and awaiting approvals.
The calculate groups the brand new bound when it comes to the SBA’s six(a) outstanding loan guarantee plan at usd23.six b via September 30, off the prior cap of usd18. Owners use 7(a) loans to buy and operate companies and purchase and improve property and equipment.
July’s rush marks a fivefold increase over the normal volume, according to the SBA, which has granted more than 50,000 loans through the 7(a) program this year.
Customer service representatives with SBA are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help people complete their applications.
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Stronger-than-expected demand for SBA-backed loans, fueled by an improving economy, meant that the program was exhausted sooner than expected.
