The U.S. Small Business Administration (SBA) will relocate its Business Recovery Center (BRC) in Santa Monica from the Chamber of Commerce to the Santa Monica Public Library. The move is set for Tuesday, April 1, at 10 a.m.
Chris Stallings, the associate administrator of the SBA's Office of Disaster Recovery and Resilience, emphasized the importance of these centers: “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster. Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
During the transition, the current center at the Santa Monica Chamber of Commerce will close on Monday, March 31, at 5 p.m. The new location at the Santa Monica Public Library will operate from Mondays to Wednesdays, 10 a.m. to 6 p.m.
The SBA’s recovery centers provide assistance to businesses affected by recent wildfires, offering both business physical disaster loans and Economic Injury Disaster Loans (EIDL). Businesses and private non-profit organizations are eligible for loans up to $2 million for damages to assets such as real estate and machinery. Homeowners and renters may also apply for personal property loans.
Special mitigation loan increases are available, with applicants potentially receiving up to 20% more than their verified damages for improvements designed to mitigate future disasters. Interest rates are set at 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters.
The deadline for physical damage applications is March 31, while economic injury applications must be returned by October 8. Applicants have the option of scheduling appointments online or walking into the recovery center.
For additional assistance, applicants can contact the SBA’s Customer Service Center or visit their website. Moreover, individuals are encouraged to apply for both SBA loans and FEMA grants in parallel to aid in their recovery process.
The SBA provides vital resources to small business owners, enabling them to start, grow, and expand or recover from disasters. It works through a network of field offices and partnerships.