Disaster loan applications received and approved, home and business, by States, by disasters cumulative through Dec. 31, 1955—Continued Disaster loan applications received and approved, home and business, by States, by disasters cumulative through Dec. 31, 1955-Continued 1 Areas declared prior to SBA lending authority. Includes 5 applications received for $3,831,413 and approved under sec. 302 DPA in the amount of $3,831,000. Includes 1 application received for $285,748 and approved under sec. 302 DPA in the a mount of $125,000. Includes 1 application received for $350,000 and approved under sec. 302 DPA in the amount of $350,000. 2 20,000 1 10, 000 1 10,000 4, 148 64, 281, 827 1, 005 4, 471, 189 2,294 33, 433, 789 3,299 37, 904, 978 DELINQUENT LOANS AND LOANS IN LIQUIDATION Mr. PRESTON. What is your repayment experience with reference to your participating loans and direct loans? Mr. BARNES. I can give it to you for our total business loans. At the end of February 29, we had 37 loans that were delinquent and 29 loans that were in liquidation. Breaking those down into categories, of the ones that were delinquent, there were 17 direct loans, 9 immediate participation loans, and 11 deferred participation loans, making a total of 37. The dollar amount of the loan balances represented by those 37 loans was $1,580,758.99. However, since only the payments were delinquent, there was $286,121.68 in payments involved in that delinquency. Most of those were temporary problems that the borrower will be able to work out of, however. Of the loans in liquidation, there were 15 direct loans, 9 immediate participation loans, and 5 deferred participation loans, making a total of 29 loans with a dollar loan balance of $1,247,388.82. That will not all represent losses, however, since there is collateral to cover most of the amount that is in liquidation. We have actually had a loss of less than $100,000. It is between $80,000 and $100,000. The dollar amount cannot be determined completely because some of the collateral has not been sold. We think that the loss figure at present on business losses to date may run as low as $200,000, and the maximum would be $500,000. In other words, if it is $100,000, it is one-tenth of 1 percent of total appropriations for lending. Mr. PRESTON. That is good. Any questions? Mr. HORAN. I just want to say that is a pretty good record, onetenth of 1 percent, if it turns out that way, for this type of loan under this type of circumstances. Mr. MILLER. In disaster loans. Mr. BARNES. The loss record is also low. Mr. PRESTON. Any further questions? Mr. MILLER. No. LIMITATION ON TRANSFER OF FUNDS FROM REVOLVING FUND TO SALARIES AND EXPENSES Mr. PRESTON. Is there any limitation on what you can transfer to salaries and expenses for administration from the revolving fund? Mr. BARNES. There is no limitation in our basic legislation. Mr. PRESTON. No percentage or dollar limitations? Mr. BARNES. No. Mr. PRESTON. Thank you, gentlemen. |