SBA News

SBA Hurricane Loans Exceed $2 Billion , $1 Billion in December

In less than 30 days, the U.S. Small Business Administration has approved another $1 billion in long-term disaster loans to the victims of the three hurricanes this fall.

In total, the SBA has now approved more than $2 billion in disaster relief funds to assist those affected by the devastating hurricanes that struck the Gulf Coast and Florida. The SBA is currently averaging more than $36 million in loan approvals a day in December to the small businesses and homeowners who need assistance. Loan approvals reached the $2 billion mark Friday, December 30th.

“This massive effort is showing month-by-month, week-by-week and day-by-day the kinds of historic results we’ve expected all along in bringing long-term relief to affected homeowners and small businesses,” said SBA Administrator Hector V. Barreto. “Despite the substantial hurdles caused by the damage and dislocation of these storms, the SBA and its workforce continue to approve disaster loans at a record pace.