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Casey: Lower Interest Rates for Disaster Relief Loans

September 20, 2011

In addition to helping residents get back on their feet, we need to make sure that small businesses in eastern and central Pennsylvania are able to open their doors as soon as possible. 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. SBA disaster relief loans are essential to helping small business owners on the pathway of economic recovery. Small business owners have informed my office that an interest rate of 4 percent is too costly a burden for them to take on, and I am concerned that some of the businesses will not be able to come back if the rates are not adjusted. I strongly encourage you to lower the interest rates so more business owners can benefit from this program. I am also aware that in the past the SBA has provided twelve month deferment of principal and interest payments for SBA serviced business and disaster loans. I strongly encourage you to consider taking this approach in Pennsylvania.

Thank you for your attention to this matter. I look forward to your prompt reply and quick action on this pressing matter.

Sincerely,

Senator Robert Casey