On Monday afternoon, The U.S. Small Business Administration announced that low interest federal disaster loans are now available to California businesses and residents.
This is part of President Biden’s major disaster declaration that was announced on Saturday. The declaration covers Merced, Sacramento and Santa Cruz Counties.
U.S. Small Business Administraton’s Administrator Isabella Casillas Guzman shared that they are committed to helping small businesses recover from these storms.
“SBA is working closely with FEMA and our state and local officials on the ground to deliver expedient disaster recovery loans and support that will aid Californians impacted by these severe and devastating winter storms, flooding and mudslides,” Guzman said.
Officals said that businesses and private non profit organizations may borrow up to $2 million for repairs.
Some of these repairs that will be covered include damaged or destroyed real estate, equipment and other business assets.
The Small Business Administration will also lend additional funds to businesses and homeowners to help with the cost of improvements to prevent disaster damage from happening in the future.
$200,000 in disaster loans are available for homeowners who suffered any property damage. Homeowners and renters are eligible for up to $40,000 to replace any damaged personal property.
Once Federal and State Disaster Recovery Centers open in affected areas, the Small Business Administration will provide one-on-one assistance to disaster loan applicants.
