Small Business Administration: Economic Disaster Loans Available For California Small Businesses
March 12, 2021
SACRAMENTO, Calif .– Small non-farm businesses in California’s 58 counties and neighboring counties of Arizona, Nevada and Oregon are now eligible to apply for low-interest federal disaster loans of the US Small Business Administration, announced director Tanya N. Garfield of SBA’s Disaster. Field Operations Center-West. These loans compensate for the economic losses due to the reduction in income caused by the drought in the following major counties which began on October 1, 2020.
Main counties of California: Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Los Angeles, Madera, Marin , Mariposa, Mendocino, Merced, Modoc, Mono, Napa, Nevada, Placer, Plumas, Riverside, Sacramento, San Bernardino, San Francisco, San Joaquin, San Mateo, Santa Clara, Shasta, Sierra, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Yolo and Yuba;
Neighboring California counties: Monterey, Orange, San Benito, San Diego, San Luis Obispo, Santa Barbara, Santa Cruz and Ventura;
Arizona neighboring counties: La Paz, Mohave and Yuma;
Nevada neighboring counties: Carson City, Clark, Douglas, Esmeralda, Lyon, Mineral, Nye and Washoe;
Oregon’s neighboring counties: Curry, Jackson, Josephine, Klamath and Lake.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and on businesses directly affected by the disaster,” Garfield said.
Small non-farm businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $ 2 million. dollars to help meet financial obligations and operating expenses that might have been covered had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on actual property damage. These loans have an interest rate of 3% for businesses and 2.75% for private non-profit organizations, with a maximum term of 30 years and are available for small businesses and most organizations at private nonprofits without the financial capacity to offset the negative impact without difficulty, ”Garfield said.
By law, the SBA makes economic disaster loans available when the US Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on March 5, 2021.
Businesses primarily engaged in agriculture or ranching are not eligible for SBA disaster assistance. Farm businesses should contact the Farm Services Agency regarding the U.S. Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for disaster assistance from the SBA in the event of drought.
Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email [email protected] for more information on 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.
The deadline to submit an economic loss claim is November 5, 2021.
This press release was produced by the Venice Chamber of Commerce. The opinions expressed are those of the author.