Small Firms Can Use Claims Against BP Oil as Collateral

Sen. Mary Landrieu, the Louisiana Democrat who chairs her chamber's small business committee, held a hearing this week on the BP oil spill's impact on small firms.

It was revealed during the hearing that small businesses have the ability to use claims against BP as collateral for small business loans under authority at the Small Business Administration. However, BP says it prefers claimants to file directly with the company instead of with the SBA.