When making the announcement Bush pointed to Preston'smanagement of the SBA's loan guarantee programs, which is "similarin structure to those run by the Federal Housing Administration."Preston streamlined the agency's efforts to disburse loans to smallbusinesses and homeowners devastated by Hurricane Katrina. "Withinmonths of Steve's reforms, the backlog of loans fell 80% andresponse times improved by 90%," Bush said. "Today more than $6billion in SBA loans are helping more than 160,000 Gulf Coastfamilies rebuild their homes, their businesses and theirlives."
Preston indicated his experience with inner-city smallbusinesses as another reason for him to assume the helm at HUD. "SoI certainly hope to bring that spirit to the Department of Housingand Urban Development," he said during Bush's announcement of hisnomination. Prior to SBA, Preston was executive vice president ofStrategic Services at the ServiceMaster Co. and senior vicepresident and treasurer of First Data Corp.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
