Hibernia CEO: New SBA Loan Program for Small Businesses a Needed Step in the Right Direction
November 09 2005 - 4:20PM
Business Wire
Hibernia Corp. (NYSE:HIB) announced today that it will be part of a
new loan program introduced this week by the U.S. Small Business
Administration (SBA) that allows designated banks to make
SBA-backed loans to businesses impacted by hurricanes Katrina and
Rita. Under the Gulf Opportunity Pilot Loan Program, new "GO Loans"
will be available through Sept. 30, 2006, to small businesses in
the counties and parishes of Texas, Louisiana, Mississippi, Alabama
and western Florida that are included in the Presidential disaster
declarations for the hurricanes, and the contiguous counties and
parishes. "This program is a needed first step toward revitalizing
the communities affected by the storms," said Hibernia President
and CEO Herb Boydstun. "We look forward to even greater flexibility
from the SBA so that private-sector lenders can become full
partners in the recovery effort." The SBA program, announced this
week by the SBA, is a public-private partnership. It allows local
banks, which know their customers best, to make credit decisions
and reduces paperwork in the application and funding process,
making it easier for small businesses to receive help. "We agree
with the SBA's assessment that providing funds through locally
based financial institutions will speed delivery of loans to
small-business owners much more quickly than the SBA could
accomplish alone," said Boydstun. Hibernia is on Forbes magazine's
list of the world's 2,000 largest companies and Fortune magazine's
list of America's top 1,000 companies according to annual revenue.
Hibernia has $23.2 billion in assets and 326 locations in 34
Louisiana parishes and 36 Texas counties. Hibernia Corporation's
common stock (HIB) is listed on the New York Stock Exchange.
Hibernia (NYSE:HIB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hibernia (NYSE:HIB)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about Hibernia Corp Cla (New York Stock Exchange): 0 recent articles
More Hibernia Corp. News Articles