SBA Playing Favorites with Disaster Loans

This is a letter that a friend of mine received from the SBA regarding their application for SBA loan assistance.  They own their own home and 3 rental houses, none of which were required to have flood insurance.  However, because they were responsible with their money, acquired assets and can get “credit elsewhere”, the SBA is mandated by federal law to charge MORE interest on their SBA loan.   Not only that, they would only get a 7-year term as opposed to a 30 year term available for everyone else.

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This historic flood has devastated many lives in our area and systematic favoritism has no place in rebuilding peoples’ lives.   This is the kind of thing that politicizes the federal disaster response efforts and breeds contempt moving forward.  If EVERYONE is affected, then EVERYONE should be treated fairly.

David Madaffari, Realtor

Mobile: (225) 772-3283
Email: David@GrassrootsTeam.com

Keller Williams Realty First Choice
17111 Commerce Centre Dr.
Prairieville, LA 70769
(225) 744-0044