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Casey: Lower Interest Rates for Disaster Relief Loans

September 20, 2011

WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) strongly urged the U.S Small Business Administration (SBA) to lower interest rates on disaster relief loans, making it easier for homeowners and small businesses to recover from damage due to Hurricane Irene and Tropical Storm Lee.

“It is my understanding that the SBA has the authority to lower the interest rates on its disaster relief loans, and I strongly urge that you take such action without delay,” Senator Casey wrote in a letter to SBA Administrator Karen Mills. “Any unnecessary delay will only further exacerbate an already difficult economic situation. Ensuring that small businesses can reopen, rehire and recover lost revenue resulting from flooding is crucial to getting the regional economy back on track.”

Lowering interest rates on SBA disaster relief loans will help communities that have been disproportionately impacted by the economic downturn, Senator Casey wrote, noting that many areas affected by flooding are already burdened by unemployment rates higher than the Pennsylvania average.

The full text of Senator Casey’s letter is below.

Dear Administrator Mills:

I write today to request that the Small Business Administration (SBA) lower interest rates for disaster relief loans for residents and businesses affected by recent natural disasters in Pennsylvania. In the wake of Hurricane Irene and Tropical Storm Lee, the federal government must do everything in its power to help individuals and small businesses in Pennsylvania recover.

In my recent travel around the Commonwealth, I have witnessed first-hand the destruction caused by flooding. I have continually heard from affected homeowners and small business owners that the current rates for SBA disaster relief loans are prohibitively high in many cases. It is my understanding that the SBA has the authority to lower the interest rates on its disaster relief loans, and I strongly urge that you take such action without delay.

Senator Robert Casey