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SBA extends GO Loans

MISSISSIPPI GULF COAST — The U.S. Small Business Administration (SBA) is extending its Gulf Opportunity Pilot Loan Program (GO Loans) through Sept. 30, 2010.

SBA launched the GO Loan Pilot in Nov. 2005 to provide expedited financial assistance to small businesses severely impacted by Hurricanes Katrina and Rita. Under the program, SBA provides 85 percent guarantees (90 percent under American Recovery and Reinvestment Act provisions) and streamlined, centralized processing to all eligible lenders that make expedited 7(a) loans to small businesses located in, moving to or relocating within parishes and counties included in disaster declarations related to Katrina and Rita.

The demand for GO loans has increased significantly in FY 2009 in response to the continued need to rebuild the Gulf Coast areas. In 2008, SBA approved 301 GO loans for $25.2 million. Through Sept. 25, 2009, SBA had already approved 557 GO loans for $35.1 million.

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