WASHINGTON — Small businesses still feeling the impact of 2005's deadly hurricanes, will have another year to participate in the Small Business Administration's GO Loan Pilot program.

Launched in November 2005, the loan program has now been extended to Sept. 30, 2008. It allows credit unions and banks that are Preferred and Express lenders to use their own forms and underwriting to get working capital into the hands of small business owners in the hurricane-impacted Gulf region. The loans, which are modeled after SBA Express loans, are available up to $150,000; have an 85% guarantee; and applicants will have a decision in 24 hours or less. The GO loans were initially set to be available up until Sept. 30, 2006, according to SBA.

CUNA had previously sought clarification on whether credit unions that are SBA 7(a) lenders but not Express lenders could participate in the pilot loan program. SBA has said that 7(a) lenders that are not Express lenders must meet certain criteria including having “significant experience” processing smaller size business loans and if it an institution other than a bank, thrift institution or other lender, show at least 20 commercial or business loans for $50,000 or less outstanding at its most recent fiscal year end.