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SBA Disburses 100,000th Disaster Recovery Loan to Gulf Coast

More than 100,000 disaster loans have been fully disbursed by the Small Business Administration, totaling $4.8 billion to Gulf Coast residents who suffered losses in the aftermath of Hurricanes Katrina, Rita and Wilma, the agency announced last week.

By Staff Writer | Updated on April 03, 2007

WASHINGTON — More than 100,000 disaster loans have been fully disbursed by the Small Business Administration, totaling $4.8 billion to Gulf Coast residents who suffered losses in the aftermath of Hurricanes Katrina, Rita and Wilma, the agency announced last week.

SBA said it has now disbursed three-quarters of the total amount approved for borrowers rebuilding from the Gulf hurricanes. Including loans that have been partially disbursed, the agency has made full or partial disbursements on 98% of the net approved loans, for a total of $5.3 billion. Operational reforms in SBA’s disaster loan program rolled out last June contributed substantially to the quicker disbursement of disaster loan funds, the agency said. The SBA has approved a net of almost 120,000 disaster loans totaling $7.13 billion in the aftermath of the Gulf Coast hurricanes, according to the agency. The vast majority of the remaining borrowers have drawn on some of their SBA-approved disaster loans. Home loans disbursed in the region total $4.23 billion, while $1.16 billion has been disbursed to businesses.

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