The U.S. Small Business Administration (SBA) has launched a third Disaster Loan Outreach Center in Los Angeles County, specifically in Pacific Palisades, to assist those impacted by recent wildfires and straight-line winds from January 7-31. The center aims to support small businesses, private nonprofit organizations, and residents affected by these events.
Located at the Ronald Reagan Palisades Post 283 on La Cruz Drive, the center offers a place where SBA customer service representatives can meet individually with business owners and residents. These representatives will answer questions and assist with disaster loan applications. No appointments are necessary, though walk-ins are welcome. Those preferring scheduled visits can arrange them online.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: "When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities." He further noted that specialists at these centers help applicants learn about available recovery programs.
Eligible businesses and nonprofits may apply for physical disaster loans up to $2 million for repairing or replacing damaged real estate and assets. Homeowners can apply for loans up to $500,000 for primary residences or up to $100,000 for personal property like furniture or cars. Additionally, loan increases up to 20% of verified physical damages are available for mitigation improvements such as insulating pipes or installing storm windows.
The Economic Injury Disaster Loan (EIDL) program is open to small businesses, agricultural cooperatives, nurseries, and private nonprofits experiencing financial losses due to the disasters. EIDLs address working capital needs even if no physical damage occurred.
Interest rates start at 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters with terms extending up to 30 years. Payments are deferred until one year after the first loan disbursement.
Applicants are encouraged by the SBA to submit applications promptly as they will be processed in order of receipt. Applications can be submitted online or through contact with the SBA Customer Service Center.
The deadline for filing applications related to physical property damage is March 31; economic injury applications must be submitted by October 8.