January 2006

SBA hurricane loans exceed $2.5 billion

The U.S. Small Business Administration approved recovery and rebuilding loans for residents and businesses in the Gulf Coast region at a record pace over the first 10 days of January, surpassing $2.5 billion.

Loan approvals reached the $2 billion mark on Dec. 30 as the SBA continues to approve loans at a daily average of more than $52 million. Approvals for January 10 alone amounted to a daily record of more than $84.6 million on almost 1,200 loans.

Through Jan. 10, the SBA has approved 36,917 disaster recovery loans worth $2.564 billion. Only one other disaster in the nation’s history has exceeded the $2.5 billion mark for SBA loans — the Northridge Earthquake of 1994, at $4 billion in approved loans over a period of 12 months. The Florida hurricanes of 2004 topped out at $1.86 billion after more than nine months. The agency continues to receive new loan applications, bringing the current total to over 350,000.

Source: Small Business Administration, www.sba.gov

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