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Disaster Assistance Loan Program; Disaster Loan Credit and Collateral Requirements.

SBA · final-rule · Published 2014-04-25 · Effective 2014-04-25 · 79 FR 22859

Document

Document number
2014-09183
Federal Register citation
79 FR 22859
CFR reference
13 CFR 123
Type
Rule
Action
Interim Final Rule with request for comments.
Category
final-rule
Agency
US Small Business Administration
Publication date
2014-04-25
Effective date
2014-04-25

Abstract

SBA is amending its disaster loan program regulations in response to Hurricane Sandy Rebuilding Task Force recommendations. One change allows SBA to rely on the disaster loan applicant's credit, including credit score, rather than personal or business cash flow in order to assess repayment ability for those applicants with strong credit. Another change will increase the amount of disaster assistance funds that can be immediately disbursed to borrowers by raising the unsecured threshold for economic injury loans for all disasters and for physical damage loans for major disasters. Both of these changes will enable SBA to provide disaster assistance more quickly and efficiently.

Source

Authoritative
Federal Register document
Machine
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