The Small Business Administration (SBA) has announced the closure of its two remaining disaster loan outreach centers in San Diego and Spring Valley at 6 p.m. on Thursday. These centers were opened to provide assistance to California businesses and residents affected by severe storms and flooding from January 21-23. Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, stated that until the centers close, SBA customer service representatives would be available to meet with individuals to answer questions, provide information on the disaster loan program, and assist in closing approved loans.
While the deadline for property damage loans has passed, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofits have until November 19 to apply for an economic injury disaster loan. Economic injury assistance is available regardless of whether the business experienced property damage.
Interest rates for businesses are 4% and 3.25% for private nonprofits, with terms up to 30 years. Interest on loans does not begin to accrue until 12 months from the date of the first disaster loan disbursement. Applicants can apply online, access additional disaster assistance information at SBA.gov/disaster or contact SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for further assistance.
The closure of these two centers marks a significant step forward in recovery efforts following the devastating storms that hit California earlier this year. The SBA remains committed to providing ongoing support and resources to affected businesses and communities as they work towards recovery and resilience in the face of future disasters.
