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Posted on: February 9, 2024 | Last Modified on: February 9, 2024

Deadline Approaching in California for SBA Disaster Loans

deadline approching in california for property damage due to december 2023 strom - yellow warning

Deadline Approaching in California for

SBA Disaster Loans for Property Damage Due to

December 2023 Storm and Flooding

 

SACRAMENTO, Calif. – Associate Administrator Francisco Sánchez of the U.S. Small Business Administration’s Office of Disaster Recovery & Resilience today reminded California businesses and residents of the March 11, 2024, deadline to apply for an SBA federal disaster loan for property damage caused by the December 2023 Storm and Flooding in Ventura County that occurred Dec. 21 - 23, 2023.

 

According to Sánchez, businesses of all sizes, most private nonprofit organizations, homeowners and renters may apply for SBA federal disaster loans to repair or replace disaster damaged property. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

 

These low-interest federal disaster loans are available in Kern, Los Angeles, Santa Barbara and Ventura counties.

 

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.

 

In addition, SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is Oct. 10, 2024.

 

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

 

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.68 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

 

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

 

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

 

 

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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