The U.S. Small Enterprise Administration (SBA) is providing low-interest federal catastrophe loans to small companies in California that had been economically impacted by the Lake Hearth, which occurred from July 5 to August 4.
This announcement was made following a request from the California Governor’s Workplace of Emergency Companies on behalf of Governor Gavin Newsom. The catastrophe declaration contains the counties of Kern, San Luis Obispo, Santa Barbara, and Ventura.
The SBA will provide loans as much as $2 million for companies to fulfill working capital wants attributable to the catastrophe. These loans can be utilized to cowl important bills equivalent to mounted money owed, payroll, and accounts payable.
Digital Enterprise Restoration Middle
SBA customer support representatives will probably be accessible on the Digital Enterprise Restoration Middle to help small companies in understanding the appliance course of for catastrophe loans. No appointment is critical.
- Monday – Friday
8:00 a.m. – 4:30 p.m.
E mail: FOCWAssistance@sba.gov
Cellphone: (916) 735-1501
Opens Monday, Sept. 9
Rates of interest are set at 4% for small companies and three.25% for nonprofit organizations, with phrases as much as 30 years. Curiosity is not going to start to accrue till 12 months from the primary mortgage disbursement. Compensation additionally begins after 12 months.
Small companies can apply on-line at SBA.gov/catastrophe and obtain additional info by contacting SBA’s Buyer Service Middle at (800) 659-2955 or emailing disastercustomerservice@sba.gov.
The deadline to use for financial harm loans is June 6, 2025.