Local residents, businesses and nonprofit organizations can apply now for disaster relief loans from the U.S. Small Business Administration to help them recover from the wildfires, flooding and debris flows that began Dec. 4 in Southern California.
The SBA has approved more than $20 million in federal disaster loans for victims in Santa Barbara, Ventura, Los Angeles and San Diego counties, said Director Tanya N. Garfield of the agency’s western Disaster Field Operations Center.
The SBA has approved $2.6 million for businesses and $18.5 for residents to help rebuild and recover. Businesses in Solvang can qualify for this funding because the Solvang City Council passed a resolution of recovery support on Feb. 12, Garfield added.
Businesses and residents who sustained damages should register before March 16 with the Federal Emergency Management Agency at www.disasterassistance.gov.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help business and residents 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 all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email email@example.com for more information.
The deadline to apply for property damage is March 16. The deadline to apply for economic injury is Oct. 15.