Nisqually Quake: One year later, SBA loans total over $83 million.

As the one year anniversary of the Feb. 28 Nisqually earthquake approaches, federal disaster loans from the U.S. Small Business Administration (SBA) now total $83,458,800. SBA has approved 6,253 low-interest disaster loans to help homeowners, renters and businesses of all sizes pay for earthquake repairs.
“SBA has a strong commitment to helping victims of the earthquake rebuild their businesses and homes and replace their personal possessions as quickly as possible,” said SBA Disaster Area Director Alfred E. Judd.
“SBA’s average processing time on these applications was only 12 days,” he noted. “In addition, these low-interest disaster loans to 764 businesses have saved or protected more than 4,213 jobs.”
SBA is the federal government’s primary source of funds for long-term private sector disaster recovery, according to Judd.
“For disaster damage to property owned by homeowners, renters, businesses of all sizes and private non-profit organizations that are not fully covered by insurance, the basic form of federal assistance is a low-interest disaster loan from SBA,” he stated.
Judd continued: “From the taxpayers’ standpoint, providing low-interest disaster loans with favorable terms to make them affordable is the least expensive way of helping disaster victims. SBA reduces federal disaster costs when compared to other forms of assistance, such as grants. The disaster recover funded by the SBA disaster loans also saves jobs and stabilizes the tax base in communities that have been devasated by disaster, avoiding more costly public outlays paid by taxpayers.”