Regional Administrator Michael Vallante of the U.S. Small Business Administration announced this past week that SBA has approved more than $10 million in federal disaster loans for California businesses and residents impacted by severe storms and flooding that occurred Feb. 1 through 25, 2017. According to Vallante, SBA has approved $4,738,800 for businesses and $5,283,300 for residents to help rebuild and recover from this disaster.
“Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan (EIDL) to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage,” Vallante said.
The interest rate is 3.15 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The deadline to submit an EIDL application is Dec. 20, 2017.
These loans are available in Stanislaus and San Joaquin counties in addition to Alameda, Butte, Colusa, Glenn, Lake, Lassen, Mendocino, Merced, Modoc, Monterey, Napa, Plumas, San Benito, San Mateo, Santa Clara, Santa Cruz, Shasta, Sierra, Sonoma, Sutter, Tehama, Yolo and Yuba counties in California; and Washoe County in Nevada.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Applicants may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing email@example.com. Individuals who are deaf or hardofhearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.