News Column

CA 14021-02 Three Weeks Left to Apply for SBA Disaster Loans

July 15, 2014

SACRAMENTO, Calif., July 15 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

Ruben Garcia, Director of the U. S. Small Business Administration's (SBA) San Diego District Office, announced today that individuals and businesses who have suffered property damage as a result of the San Diego County wildfires that occurred May 13 - 17, 2014, have three weeks left to apply for a U.S. Small Business Administration (SBA) disaster loan. The deadline to return loan applications for property damage is August 5, 2014.

According to Garcia, SBA is the federal government's primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps fund repairs or rebuilding efforts, and covers the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance and do not duplicate benefits of other agencies or organizations.

These low-interest loans are available to California residents and businesses in San Diego County and the neighboring counties of Imperial, Orange and Riverside.

Disaster loans up to $200,000 are available 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 non-profit organizations may 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 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, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, 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 2.188 percent for homeowners and renters, 2.625 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 on each applicant's financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure Web site at

Disaster loan information and application forms are also available from SBA's Customer Service Center by calling (800) 659-2955 or e-mailing (link sends e-mail). Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA's disaster assistance programs, visit

The deadline to return economic injury applications is March 6, 2015.

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Source: Targeted News Service

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