Thursday, December 15, 2005

SBA shafts Gulf Coast businesses.

This came out a few days ago, in the Picayune, I think -- but it's always good to have the Mighty NYT get on the case.

New York Times:
"The Small Business Administration, which runs the federal government's main disaster recovery program for both businesses and homeowners, has processed only a third of the 276,000 home loan applications it has received.

And it has rejected 82 percent of those it has reviewed, a higher percentage than in most previous disasters, saying that many would-be borrowers did not have incomes high enough, or credit ratings good enough, to qualify. The rejections came even though the Federal Emergency Management Agency has referred more than two million people, many of them with low incomes, to the S.B.A. to get the loans."

UPDATE: I was wrong. The article was in the Advocate on Nov. 3.

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