Local News in Brief : Bank Offers Quake Loans

A Whittier bank is offering a new product in competition with the government--earthquake loans. While homeowners and merchants must wait from four to 12 weeks to get Small Business Administration disaster relief loans, most at 8% interest rates, Quaker City Federal Savings and Loan Assn. has begun offering 6% loans three days after they are approved.

The SBA isn’t offended in the least.

“This bank is the first to approach us with an interim financing plan for earthquake victims,” said Robert Belloni, western area director of the SBA’s disaster assistance program. “The community is in desperate need of that kind of financing.”