WASHINGTON – The destructive hurricanes that tore throughseveral states this year forced many government agencies to getcreative real quick on how to rebuild homes and businesses. Amongthem was the SBA, which had previously come under fire from somesmall business owners for how slow the agency was processing andapproving loans. SBA Administrator Hector Barreto had to defend theagency's actions twice at two Congressional hearings sharing withlegislators all that was being done to get money in the hands ofsmall business owners impacted in Louisiana, Mississippi, Texas andAlabama. In response, the SBA kicked it into high gear, launching alitany of measures to speed up the loan process. One of theinitiatives, the GO Loan program, rolled out on Nov. 7, allowedcredit unions and banks that are Preferred Lenders and Expresslenders to use their own forms and underwriting to get workingcapital into the hands of small businesses in the Gulf region. Theloans, which are modeled after SBAExpress loans, are available upto $150,000, have an 85% guarantee, and applicants will have adecision in 24 hours or less. CUNA wanted to help but needclarification on how CUs could participate if they weren'tSBAExpress lenders. At press time, CUNA was still working with theagency on the details. Meanwhile, NCUA encouraged credit unions topartner with SBA through its “Give a Lending Hand Program.” Theagency is seeking out credit unions and banks' SBA experienced loanofficers who will be hired as Special Government Employees toassist in processing disaster loans for business owners impacted byhurricanes in the Gulf region. They will review and recommend theapproval or decline of the loans. In early December, the SBAappealed to lenders again through a venture with Operation HOPE,Inc. Both have joined forces to recruit 1,000 volunteerprofessionals from financial institutions, credit unions, andinsurance companies to offer small and minority businesses inhurricane disaster-affected communities access to free financialcounseling, information on economic assistance programs, andbudgeting advice through one-on-one telephone counseling. The mostrecent figures show more than $1 billion in SBA disaster loansapproved for those impacted by Hurricanes Katrina, Rita and [email protected]