The U.S. Small Business Administration reminded business owners and residents of Los Angeles on Friday that the deadline is August 17 to apply for a federal disaster loan to cover costs related to property damage caused by civil unrest. which began on May 26.
Director Tanya Garfield of the US Small Business Administration‘s Disaster Field Operations Center-West said businesses of all sizes, most private nonprofits, homeowners and tenants can apply for federal disaster loans. SBA to repair or replace property damaged by the disaster.
The SBA may also lend additional funds to help with the cost of improvements to protect, prevent, or minimize the same type of disaster damage in the future.
Low-interest federal disaster loans are available in Kern, Los Angeles, Orange, San Bernardino, and Ventura counties.
Applicants can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
In addition, the SBA offers economic disaster loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size to help meet the needs in working capital caused by the disaster.
Economic loss assistance is available whether or not the business has suffered property damage. The deadline to apply for an SBA Economic Disaster Loan is March 17.
Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Landlords and tenants are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, according to the US SBA.
Interest rates can be as low as 3% for businesses, 2.75% for private non-profit organizations, and 1.25% for landlords and tenants with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online, receive additional information about disaster assistance, and upload applications here. Applicants may also call the SBA Customer Service Center at 800-659-2955 or email [email protected] for more information about SBA disaster assistance.
People who are deaf or hard of hearing can call 800-877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX, 76155.
