On Thursday, the Small Business Administration (SBA) will be closing its disaster loan outreach centers in San Diego and Spring Valley at 6 p.m. These centers were established to provide assistance to California businesses and residents affected by the severe storm and flooding that occurred from January 21 to 23. Francisco Sánchez Jr., the associate administrator for the Office of Disaster Recovery and Resilience at the SBA, stated that SBA representatives will continue to be available at the centers until their closure to answer questions, explain the disaster loan program, and help close approved disaster loans.
Despite the deadline for property damage loans having passed, businesses, agricultural cooperatives, aquaculture businesses, and most private nonprofits still have until November 19 to apply for an economic injury disaster loan. This assistance is available regardless of whether the business experienced property damage. Interest rates for these loans are 4% for businesses and 3.25% for private nonprofits, with terms up to 30 years. Interest does not start accruing until 12 months from the date of the first disaster loan disbursement.
Applicants can apply online and access more disaster assistance information at SBA.gov/disaster or by contacting SBA’s Customer Service Center at 800-659-2955 or emailing disastercustomerservice@sba.gov for further details.
