WASHINGTON — The Small Business Administration's Gulf Opportunity Pilot Loan program, which provides loans for small businesses impacted by 2005's hurricanes, has topped the $55 million mark.

Launched in November 2005, the GO Loan program 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. Modeled after the SBA Express loan program, GO loans are available up to $150,000; have an 85% guarantee; and applicants will have a decision in 24 hours or less.

The SBA said it backed 423 GO loans for $35,628,500 in fiscal 2006, and has guaranteed 272 GO loans for $21,315,000 as of Sept. 21, 2007.

The GO Loan Program was initially set to end on Sept. 30, but the SBA recently extended the program to Sept. 30, 2008.

Under the new directives extending GO loans through fiscal 2008, existing PLP lenders without SBA Express authority that wish to participate in the program will have their requests handled on an expedited basis, SBA said. Lenders not operating under PLP or SBA Express authority must meet the requirements set forth in the SBA Express Program Guide for SBA lenders.