The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in California of the approaching deadline to apply for federal disaster loans related to the Boyles Fire. The fire, which occurred from September 8-11, 2024, prompted a disaster declaration covering Colusa, Glenn, Lake, Mendocino, Napa, Sonoma, and Yolo counties.
Eligible entities can apply for Economic Injury Disaster Loans (EIDL) through the SBA. These loans are available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that suffered financial losses due to the fire. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
The EIDL program provides working capital loans even if there was no physical damage to the business. These funds can be used for fixed debts, payrolls, accounts payable, and other expenses that could not be paid because of the disaster.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery.” He added that these loans assist business owners in recovering while also supporting local economies post-disaster.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with no interest accruing or payments due until 12 months after the first loan disbursement. The specific loan amounts and terms depend on each applicant's financial situation.
Interested applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for further assistance. Those who are deaf or hard of hearing may use telecommunications relay services by dialing 7-1-1.
Applications must be submitted by July 7.
The U.S. Small Business Administration plays a vital role in supporting American entrepreneurs by providing resources necessary for starting and growing businesses or recovering from disasters through its extensive network of field offices and partnerships with public and private organizations.