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Excerpt from Hearing on the Small Business Administration's 7(a) Guaranteed Business Loan Program and Disaster Assistance Loan Program: Hearing Before the Committee on Small Business, United States Senate, One Hundred Third Congress, Second Session on Hearing on the Small Business Administration's 7(a) Guaranteed Business Loan Program and Disaster Assistance Loan Program, March 2, 1994 The Committee met, pursuant to notice, at 10:05 a.m. in room SR-428A, Russell Senate Office Building, Hon. Dale Bumpers, Chairman of the Committee, presiding. The Chairman. I'd like to welcome you this morning to today's hearing. I want to clarify one thing for the record. Yesterday, Administrator Bowles was testifying for the Commerce, Justice, State and Judiciary Subcommittee on Appropriations, a subcommittee of which I am a member. Senator Hollings mentioned the fact that many years ago during a disaster, people got the impression that they could get $3,500 just as a grant. But it was from FEMA, not SBA, and apparently a lot of those grants were given out by FEMA. First of all, it was many years ago. Second, it was not SBA. In this morning's little publication here, "Bureau of National Affairs," BNA, they've got a statement in here and I want to put the part I have marked in the record. They have two errors in a statement in here describing the hearing: first, they suggest that it was SBA disaster loans of $3,500 and, number two, they forgot to put that this was many years ago and that it was FEMA. So that is the way things happen around here. [The article reffed to follows: ] Senators Express Concern About Loans Provided for Disaster Relief Sens. Ernest Hollings (D-SC) and Pete Domenici (R-NM) called during a Senate subcommittee hearing March 1 for an accurate audit process for Small Business Administration loans, particularly those related to disaster relief efforts. The hearing on the SBA's fiscal 1995 budget request quickly focused on disaster relief efforts and ensuring the large numbers of loans made during emergency situations are legitimate. "If the 6 weeks following the California earthquake we've conducted 335,000 interviews and received 70,000 loan applications, which have to be processed in 20 days," SBA Administrator Erskine Bowles said. Bowles said that about 2,300 SBA employees were dispatched to help with the relief effort. "We are watching the volume of activity from this disaster grow daily and it appears to be the biggest disaster that the SBA has had to respond to in a long time," he said. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.