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SBA GO Loans Top $55 Million Mark

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.

By Michelle A. Samaad | Updated on October 04, 2007

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.

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