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Wednesday, March 15, 2006

Help is on the way

WASHINGTON -- The White House has rejected hurricane disaster-recovery loans at a higher rate than any other administration in the last 15 years, according to a congressional study by Democrats.

The report, expected to be released Wednesday, said business and home loan approval rates averaged about 60 percent after Hurricane Andrew devastated much of south Florida in 1992. The trend continued through the rest of President George H.W. Bush's administration and into the Clinton administration, according to Democratic members of the House Small Business Committee.

After Hurricane Wilma surged ashore in south Florida last year, the approval rate for low-interest, taxpayer-guaranteed loans by the Small Business Administration had dropped to barely 15 percent.

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