In the face of increasing criticism over how little help it has given businesses hurt by Hurricanes Katrina and Rita, the Small Business Administration announced yesterday that it was making it easier for business owners to apply for low-interest disaster loans.
Borrowers will no longer have to supply three years' worth of monthly sales analyses and tax returns, and title searches will not be required for loans of less than $50,000.
The agency has been under fire on Capitol Hill and in Louisiana over the slow pace of business aid. As of yesterday, it had approved only 49 business loans worth $3.4 million, a spokeswoman said.
The agency has approved more than $68 million in loans under a different program that helps homeowners. [Link - New York Times]
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