jge 8/The Battalion/Wednesday, May 4, 1983
r ^oans for peso-struck
businessmen promised
United Press International
WASHINGTON — A con-
essional subcommittee Tues-
ty promised to expedite legis-
tion creating low interest disas-
r loans for small border
isinesses jeopardized by the
:valued Mexican peso.
“This disaster was not caused
' fire, flood, wind or earth-
take, but as the result of the
astic fluctuation in the value
currency in Mexico,” Rep.
braham Kazen, D-Texas, told
e House Small Business sub-
■mmittee.
Border towns in Texas, Ari-
ma and California are devas-
ted by an economic disaster as
rious as a natural disaster, yet
tsinessmen cannot get low in
rest Small Business Adminis-^
ation loans to bail them out,
mgressmen said.
In Texas, Eagle Pass has 40
;rcent unemployment and 30
tsinesses have closed in
rownsville.
Nogales, Ariz., unemploy-
ent in February was up from
1.8 percent to 23.6 percent in
te year.
“They’ve been through this
before, but never, never like
this,” Rep. Solomon Ortiz, D-
Texas, told the subcommittee.
Rep. E. de la Garza, D-Texas,
said sales tax revenue in Laredo,
McAllen, Brownsville and El
Paso dropped 65 percent and
more last winter because Amer
ican dollars are being spent over
the border where they buy
more.
De la Garza said the impact is
felt in the Midwest and North
eastern industrial states where
products sold in border shops
are manufactured.
The congressmen sponsored
a package of bills to amend the
Small Business Act to authorize
emergency disaster loans up to
$100,000 in areas that are eco
nomically depressed by foreign
currency devaluations.
Rep. Parren Mitchell, D-Md.,
subcommittee chairman, said
the legislation would reach the
House floor for action by the
end of May.
“I give you my word we’re
going to move as quickly as pos
sible. We’ve waited too long,”
Mitchell said. He promised to
ask the House leadership to
Lj
alifornia quake
eaves town ruined
United Press International
COALINGA, Calif.— Rescue
Orkers with bloodhounds sear-
led Tuesday for victims of a
ajor earthquake that injured
) people, crumbled brick
hidings and started fires that
irned out of control for hours.
The quake, which measured
5 on the Richter scale, shook
I of California Monday after-
)on, but downtown Coalinga
ok the brunt of its destructive
“Anything that was made of
ick crumbled,” said Bob Sem-
e, public information officer
r Coalinga’s police depart-
ent. “There were a lot of over-
inging marquees that col-
psed. Ninety percent of the
iwntown area, which is about
c to eight square blocks, was
imaged. I don’t see how they’ll
' able to restore it to its original
ite.”
One department store
irned and still was smoldering
c hours later, leaving a haze
er the area. Downtown was
aled off by authorities and
tflldozers spent the night clear-
g the streets of bricks and
ass.
Roy Manning, emergency
services coordinator for Fresno
County, said early Tuesday that
at least 60 people were injured.
Most of the injuries were
bruises, cuts and broken bones,
though two people were re
ported badly hurt.
“The fortunate thing is we
apparently have no fatalities,”
Manning said.
Most of those injured were re
leased from Coalinga District
Hospital, but others who had to
spend the night were transfer
red to other area hospitals be
cause the Coalinga facility had
no water.
Tuesday’s search centered on
the most heavily damaged build
ings and there were fears that
bodies might lie under the rub
ble. But Semple said, “In a small
community like this, someone
missing would be noticed. No
one has been reported missing.”
He noted the quake struck
during the day — but after
school was out. “Otherwise, it
might have been worse.”
Twenty law enforcement
agencies from throughout Cen
tral California assisted in the
hours after the disaster, but
most officers were relieved dur
ing the night.
SELLER S NEEDED NOW
NOW IS THE TIME TO SELL YOUR CONDOMINIUM
OR HOME. WE HAVE BUYERS LOOKING AND ARE
IN GREAT NEED OF GOOD PROPERTIES TO SELL
THEM. CALL DAVIS NORTHCUTT AT GREEN &
BROWNE REALTY FOR A NO-OBLIGATION MARKET
ANALYSIS TODAY. 846-5701.
STAY IN SHAPE
THIS SUMMER
Exercise all summer
(thru Aug. 31)
for only $ 60!
Offer good for all TAMU students & staff
ilso available: single summer session for $30.
Call 696-7180
or come by
900-B E. Harvey Rd.
BODY DYNAMICS
Exercise Studio
DIETING?
Even though we do not prescribe
diets, we make it possible for many to
enjoy a nutritious meal while they
follow their doctor's orders. You will
be delighted with the wide selection
of low calorie, sugar free and fat free
foods in the Souper Salad Area, Sbisa
Dining Center Basement.
OPEN
Monday through Friday 10:45 AM-1:45 PM
QUALITY FIRST
make the bills a priority.
Rep. Morris Udall, D-Ariz.,
said the economy in Nogales is
critical.
“Nogales depends heavily on
sales tax revenue. They’ve had
layoffs and bankruptcies are at
an all time high,” Udall said.
A 1982 SB A loan program,
the “peso pack,” which autho
rized $200 million in direct and
guaranteed loans to qualified
businesses, is not working, Udall
said.
Only 12 percent of the loan
money was made available as of
March 18 and of 11 Arizona
businessmen who applied for
peso pack loans, only one appli
cation was approved, he said.
Mitchell asked the congress
men how they would respond to
arguments that granting loans
to border businesses would
bring on demands for assistance
from other businesses suffering
economic woes.
Udall said the disaster loans
would be given where an entire
area was considered an econo
mic disaster, not piecemeal to
isolated businesses in trouble.
7
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