WASHINGTON — In response to a June 12 New York Times article that quoted sources criticizing the Small Business Administration's office of disaster assistance, the agency told the publication that its progress has been praised by credit unions, banks and community lenders.
The article cited several sources who said the disaster assistance program is not where it needs to be as Steven Preston, the former SBA administrator, recently started his new job as secretary of the Housing and Urban Department.
"Our progress has been praised by bankers, community lenders, and credit unions," wrote Jovita Carranza, SBA acting administrator, in a letter to the New York Times. "Lenders are coming back into our programs for the first time in years. Why? It used to take [nine] months for SBA to honor a guarantee in its flagship program. Now it takes three weeks. We have designed more relevant products for the market. Our interactions with banks are increasingly automated and we are providing better support to them throughout our network."
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The article came out a few days before Carranza joined FEMA Administrator David Paulison on a tour of Iowa and Indiana to assess areas impacted by the recent floods and to ensure coordination with federal, state and local governments in providing critical services.
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