99 -- SBA amends small business size standarde for its

Effective Monday, November 14, 2005, the U.S. Small Business Administration (SBA) is temporarily amending the size eligibility criteria for loan assistance provided under the “Gulf Opportunity Pilot Loan Program,” a one-year pilot under the 7(a) Business Loan Program. The pilot program makes available on an expedited basis 7(a) loans to small businesses located in, locating to, or relocating in disaster areas declared by the President as a result of Hurricanes Katrina and Rita and any contiguous parishes or counties. This interim final rule makes financial assistance under the pilot program available to businesses that are considered small for the purpose of SBA’s 7(a) Business Loan Program and businesses considered small for the purpose of SBA’s Certified Development (CDC) Company Program. The CDC Program has an alternative size standard that states that eligible concerns have tangible net worth not in excess of $7 million, and average net income after Federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years not in excess of $2.5 million. SBA prepared this rule as an interim final rule because its immediate implementation will facilitate the reconstruction and economic recovery of the Gulf Coast. Comments to the interim final rule are due by close of business December 14, 2005. For more information, please go to http://www.sba.gov/size/indexwhatsnew.html#goloanIFR, where you can read and/or download the proposed rule published in the Federal Register on November 14, 2005. SBA has included is press release (in English and in Spanish) on the Gulf Opportunity Pilot Loan Program there as well.