SBA Tops $150 Million in Disaster Assistance Loans

SACRAMENTO, California, March 9 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West announced today that SBA has approved more than $150 million in federal disaster loans for California businesses and residents impacted by wildfires in Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties that occurred Oct. 8-31, 2017.

According to Garfield, SBA has approved $20,411,600 for businesses and $129,593,000 for residents to help rebuild and recover from this disaster.

Garfield said, "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 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."

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.

The interest rate is 3.305 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The deadline to submit an Economic Injury Disaster Loan application is July 12, 2018.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.