I have just met with Administrator Saiki who informed me that the Small Business Administration has responded to my request to expedite their loan process so that victims of Hurricane Andrew can swiftly receive disaster loan checks. SBA loans that typically require 30 to 60 days will now be processed in just 7 days.
I have also asked the IRS to be on site so that they can provide tax information to the loan applicants whose tax records have been lost or destroyed as a result of the hurricane. Treasury Department officials will also be there to cut the checks immediately. Today Pat Saiki will depart to Florida and Louisiana to deliver the first disaster loan checks. By the time they are finished, the SBA will have made thousands of loans to businesses and homeowners who are resolved to rebuild their neighborhoods, repair their communities, and get on with their lives.
The SBA is ready to help homeowners and renters qualify for low-interest, long-term loans to rebuild or repair their homes as well as their businesses. Like the rest of the Federal Government, the SBA is in for the long haul.