Disaster Relief Loans Available for Wind Victims

Low-interest federal disaster loans are available to California residents and business owners affected by the Los Angeles County High Winds from Nov. 30 through Dec. 4, announced U.S. Small Business Administration (SBA) Administrator Karen G. Mills. SBA acted under its own authority to declare a disaster following a Dec. 13 request from Gov. Edmund G. Brown, Jr.’s designated representative Mike Dayton, Acting Secretary of California Emergency Management Agency.

The disaster declaration makes SBA assistance available in Los Angeles County and the neighboring counties of Kern, Orange, San Bernardino and Ventura.

“The U.S. Small Business Administration is strongly committed to providing Californians with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by the disaster,” said SBA’s Los Angeles District Director Victor Parker. “Beginning Monday, Dec. 19, SBA customer service representatives [were] on hand at the following Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, and help each individual complete their application,” Parker continued.

The center will be open on the days and times indicated. No appointment is necessary.

Los Angeles County
Disaster Loan Outreach Center
Pasadena Fire Headquarters
(across from the Hilton Hotel), 199 S. Los Robles Ave., Suite 550 (5th floor)
(validated underground parking is available)
in Pasadena.

It is open through Friday, Dec. 23
from 9 a.m. to 5:30 p.m.
It reopens on Monday, Jan. 9 at 9 a.m.

Regular hours will be Jan. 9 through Friday, Jan. 20
from 9 a.m. to 5:30 p.m., Mondays through Fridays.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size 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.

SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private, nonprofit organizations of any size and aquaculture businesses, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates can be as low as 2.063% for homeowners and renters, 3% for private, nonprofit organizations and 4% for businesses, with terms up to 30 years.

Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

Applicants may apply online via SBA’s secure Web site at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA at (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance. Individuals who are deaf or hard of hearing may call (800) 877-8339.

The filing deadline to return applications for property damage is Feb. 17.

The deadline to return economic injury applications is Sept. 19, 2012.

For more information, visit SBA’s Web site at www.sba.gov.

The mailing address is SBA Field Operations Center – West, P.O. Box 419004, Sacramento, CA 95841.