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News Now

Washington
SBA extends GO Loan program
WASHINGTON (10/1/09)--The Small Business Administration (SBA) this week announced that it is extending its Gulf Opportunity Pilot Loan Program (GO Loans) for a further year, extending them until September 30, 2010. The SBA began its GO Loan program in November of 2005 to provide financing on an emergency basis to small businesses in areas affected by Hurricanes Katrina and Rita. According to an SBA release, the GO Loan program, which provides 85 percent guarantees for eligible lenders, resulted in 301 loans for a total of $25.2 million in funds during 2008. The SBA also reported that the demand for GO loans “increased significantly” during 2009. The maximum loan amount is currently $150,000. The full notice detailing the extension of the GO loan program can be found in the most recent edition of the Federal Register.


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