SBA launches new ‘Go Loan’ program for distressed Louisiana businesses
Published 12:00 am Monday, November 14, 2005
By MOLLY DRYMAN
LAPLACE — The U.S. Small Business Administration has launched a Gulf Opportunity Pilot Loan Program, also known as a “GO Loan,” to strengthen banks’ role in accelerating the recovery of small businesses in Louisiana, Alabama, Mississippi, Texas and Florida.
The River Region thrives on its small businesses, and will now have the chance to recover what was lost during the hurricanes.
The small businesses are now eligible for a loan of up to $150,000. The loans will be delivered through local bands and will be handled over an expedited process that can deliver a response in 24 hours or less.
“Through my visits with small business owners in the Gulf Coast it has become clear that the unprecedented scope and magnitude of these twin disasters requires a more creative response beyond our traditional disaster loan program,” said SBA Administrator Hector V. Barreto. “The Go Loan program will unleash the liquidity and expertise of commercial banks. We are going to get financing to small businesses as quickly as we can so that they can continue with the urgent reconstruction of their local economies.”
GO Loans will be available until Sept. 30, 2006, to small businesses that are located in the areas declared as disastrous, including the River Parishes.
Under this program, lenders will generally use their own paperwork, and will be responsible for evaluating the creditworthiness of applicants.
To find a local lender or to contact the SBA District Office visit www.sba.gov/financing/goloans.