Published in The Acron;

Companies, nonprofits can borrow up to $2 million for repairs, replacement of destroyed property

Low-interest federal disaster loans are available to California residents and business owners affected by high winds from Nov. 30 through Dec. 4.

SBA (Small Business Administration) assistance is available in Los Angeles, Kern, Orange, San Bernardino and Ventura counties. SBA customer service representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, and help individuals complete the application. No appointment is needed.

Disaster loans are available up to $200,000  to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size and private, nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private, nonprofit organizations of any size and aquaculture businesses, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates can be as low as 2.063 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

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