The U.S. Small Business Administration extended its Gulf Opportunity Pilot Loan Program (GO Loans) through Sept. 30, 2010. The SBA said in a press release that demand for GO loans has increased significantly in fiscal year 2009 in response to the continued need to rebuild Gulf Coast areas.
The SBA launched the GO Loan Pilot in November 2005 to provide expedited financial assistance to small businesses severely impacted by Hurricanes Katrina and Rita. Under the program, the SBA provides 85% guarantees (90% under Recovery 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 those storms.
In 2008, the SBA approved 301 GO loans for $25.2 million. Through Sept. 25, 2009, the SBA had approved 557 GO loans for $35.1 million.