Nydia M. Velazquez: “in a hearing yesterday on the disaster loan program, we heard two different stories on this equation in the gulf. We…”

“in a hearing yesterday on the disaster loan program, we heard two different stories on this equation in the gulf. We heard from the SBA administrator who said that everything is great. He told the committee that they are processing record numbers of loans and that there are virtually no problems. At the same time, we have a small business owner, Patricia Smith, who came in from New Orleans and told her story. She told the committee how she could not find a Federal official to help her apply for a loan and how she spent hours working through paperwork. She told us that it took months to hear back on the status of her loan and that she was wrongly denied. The woman also shared that there are thousands out there with the same story. The view from Washington, and what is actually going on in the gulf coast region is very different. By extending the deadline for disaster loans, we will give victims the ability to assess their situation and make an informed decision about getting an SBA loan. Mr. Chairman, I yield back the balance of my time.”