SBA declines 70 percent of Louisiana businesses applying for oil spill loans, state complains

Times-Picayune ^ | 6-24-10 | David Hammer

[RKBA Democrat]

In an eerie repeat of difficulties after Hurricane Katrina, the Small Business Administration is turning down more than two-thirds of Louisiana companies seeking Gulf oil spill relief loans, according to a top state official's complaint to the federal agency Thursday.

SNIP

Moret wrote that hundreds of the 21,000 claims filed with BP for losses due to the oil spill come from struggling small businesses, and most of them need the SBA loans to carry them through until they receive payment from BP.

But, he noted in the letter, SBA has informed him that 70 percent of those applicants have been denied.

[RKBA Democrat]

Some interesting Louisiana facts: - Total number of barrels of oil produced by LA in 2009: 48,164,979. Not including this new and very significant find. - Royalties charged to oil companies: somewhere between 12.5 and 16.7 percent. - Current price of a barrel of oil: about $77.00 - Doing the math, based on the current price of oil total oil royalties are worth between $467 million and $624 million per year. Again, not including this new and very significant find. - State budget for Louisiana: $28.986 billion - Total amount of Federal income taxes paid by Louisiana: $33.676 billion. - The Port of New Orleans is the only deepwater port in the United States served by six class one railroads. By volume, it’s the 3rd busiest port in the world.

Compare the natural resources and infrastructure of Louisiana with a country of similar population, say, Singapore, and you have to wonder why Louisiana continues to tolerate this sort of treatment.

[norraad]

Their leaders have been told to

"Stand down & take it".

Don't worry, it's all for the greater good (of who?

[Cheetahcat]

The forms are not being filled out right,They have to say Obama supporter and Minority.

[thackney]

Total number of barrels of oil produced by LA in 2009: 48,164,979. Not including this new and very significant find

- - - - -

It will never be part of the Louisiana total as it is not in State waters; The well is about 40 miles from shore.

Most states control waters out 3 Nautical miles. Texas, which joined by treaty as an independent nation, controls out 12 nm.

[Wisconsinlady]

Lindsey Williams on The Gulf Oil Gusher Catastrophe . Pastor Lindsey Williams ( www.lindseywilliams101.blogspot.com ) who has been an ordained Baptist minister for 28 years, went to Alaska in 1971 as a missionary. The Transalaska oil pipeline began its construction phase in 1974, and because of Mr. Williams’ love for his country and concern for the spiritual welfare of the “pipeliners,” ; he volunteered to serve as Chaplain on the pipeline, with the subsequent full support of the Alyeska Pipeline Company. Because of the executive status accorded to him as Chaplain, he was given access to information documented in his eye opening book, The Energy Non-Crisis.
After numerous public speaking engagements in the western states, certain government officials and concerned individuals urged Mr. Williams to put into print what he saw and heard, stating that they felt this information was vital to national security. Mr. Williams firmly believes that whoever controls energy controls the economy. Thus, The Energy Non-Crisis.

http://geraldcelentechannel.blogspot.com/search/label/BP%20Oil%20Spill%20Crisis

[the808bass]

OTOH, I’m guessing the rate of denials by the SBA for the rest of the country is much higher than 70%.

[thackney]

Lindsey Williams is a nut and much of what he writes is false.

I have worked on the Alaskan North Slope in the oil fields.

[FReepaholic]

...Royalties charged to oil companies: somewhere between 12.5 and 16.7 percent. - Current price of a barrel of oil: about $77.00 - Doing the math, based on the current price of oil total oil royalties are worth between $467 million and $624 million per year...

I seem to recall seeing Nungesser and the New Orleans radio talk show host (I forget his name) on Anderson Cooper and one of them said that all the Gulf states split the royalties and that LA gets a lesser cut. I could be mistaken, though.

[T-Bird45]

First clue for nutburgers: black background webpage.

Second clue: self-promotional video.

Check and check...’nuf said.

[Wisconsinlady]

I had not heard of him before, so I think I guess I defer to you. However, with your experience in the oil fields, does what he said sound right or completely “out there”?

[thackney]

For years, nearly everything I’ve heard him claim has been shown to be false.

I don’t see anything has changed.

[uncommonsense]

"Compare the natural resources and infrastructure of Louisiana with a country of similar population, say, Singapore, and you have to wonder why Louisiana continues to tolerate this sort of treatment."

I lived in Dallas for 19 years, then had the pleasure of living in Baton Rouge for 5 years (except for living through Katrina and Rita).

I was astounded (!!!) at the natural resources per capita, or as a percentage of commerce within the US. With under 5 million people in the entire state (less than either the Houston or Dallas/Fort Worth metroplexes), Louisiana has major ports and river ways, oil/gas/refining, commercial fishing, lumber, sugar, NASA, party city, historic sites, good universities, etc. - but it's relatively poor due to systemic corruption, entitlement addiction, and mismanagement. That's why they don't have proportional influence in DC.

Looks like that's about to change with Jindal cleaning house and Rat voters waking up to the consequences.

[LomanBill]

W was right - the SBA should have been shytecanned.

[wardaddy]

This is worse than Nashville where they declined 46%.

But the spill folks can and should file with BP who is on record saying they will honour legit claims.

This is what disaster relief SBA wanted from me for a 40K loan to make up for one month lost revenue from one of 11 businesses I own.

All personal tax returns...3 years

All corporate including anything over 15% of

My mother estate tax returns running from 2008 on

My brothers tax returns 3 years

3 years of monthly revenues...

3 years of P/Ls and this year up to date

Financial statements on everyone and business.

5 bank references

Criminal background check on all officers

Chart of all mortgages and starting date and amortization and amounts etc...

most recent appraisals

It’s all applicable but a bit more than banks want if they know you and they wanted it all in 7 days...not business days

We’re talking a 40K disaster loan...the amount of a nice new car.. just to put back in my reserve operating account which took a nice hit due to mandatory water shutoff after the flood.

I can’t imagine how they must be for a sizable start up loan.

Some local banks like First Tn and Wilson bank have offered better terms (3%) and or payment deferments...

I would not count on government for much help on anything unless one really knows the ropes...as a business...maybe for the individual it’s better but for me...FEMA sucks.