Touching Bases: Emergency loans ok'd for small business

 - July 14, 2008, 10:56 AM

Small businesses, including FBOs and general aviation airports, still struggling to secure emergency operating funds may find relief from $4.5 billion in new lending authority approved by Congress and signed by President Bush. The cash infusion will enable the Small Business Administration to make 19,000 new emergency loans, according to Sen. Kit Bond (R-Mo.). Bond said the expanded authority is designed to help small firms that have been refused loans though the SBA’s economic injury disaster loan program. The application deadline for that program was recently extended to April 22. Under the new program, loan applications may be submitted until January 10 next year, or until the funds are expended.