SBA recovery loans top $10B for Gulf Coast

More than 21,750 businesses in the disaster zone have been approved for $2.3 billion worth of loans with the approval rate for business disaster loans at 51 percent.

For homeowners and renters, 130,436 loans worth $7.7 billion have been approved. Besides SBA recovery loans, the SBA’s regular small business loan programs have provided 4,260 commercial loans worth more than $790 million to small businesses in the declared disaster areas.

“Since Hurricane Katrina struck, the SBA has responded … to help victims of the Gulf Coast states and Florida,” said SBA Administrator Hector V. Barreto, who announced his plans in April to leave the agency, in a news release.

His successor, Steven C. Preston, was sworn into office July 10.

“We have worked urgently and with compassion to aid our fellow citizens and residents. Our effort now is to get the necessary capital into people’s hands so they can start rebuilding their businesses and homes,” added Barreto, who remains with the SBA for a transition period, but will serve as national chairman of the Latino Coalition after leaving the agency.

Louisiana leads in the number of disaster loans and dollars approved at 89,622 for $6.3 billion. Following is Mississippi at 34,619 for $2.5 billion. Rounding out the list is Texas with 8,487 loans for $351 million, Florida with 16,622 loans for $767 million and Alabama at 2,838 loans for $131 million.

More than 320,000 properties have been inspected for damage by SBA field inspectors.

At the height of the agency’s response, more than 4,200 people were working around the clock on disaster assistance, the SBA said.