This blog is used to post legal tips for businesses and consumers in California as well as commentaries on issues of interest to clients in the San Diego area. For information about our services, please contact us at (619) 448-2129. This publication is NOT INTENDED TO SERVE AS A SUBSTITUTE FOR LEGAL ADVICE. Please consult with a licensed attorney if you require legal advice. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
AccountingWEB.com - Oct-21-2005 - The Small Business Administration (SBA) released figures on its post-9/11 disaster lending program showing that $245 million of the total $1.2 billion lent is currently in default, representing a 20.4 percent default rate. More than 10,000 companies approved for SBA direct loans received a two-year grace period, between 2001 and 2003, to start making payments and now these defaulted loans are coming to light according to the Associated Press. Another SBA loan program, the Supplemental Terrorist Activity Relief program experienced a 5 percent default rate on $3.7 billion lent.