SBA offers disaster assistance for residents affected by recent storms

The flooding, debris flows, and mudslides which began on January 17, led the Small Business Administration (SBA) to declare a disaster in the state of California.As a result, low-interest federal disaster loans are now available for residents and business owners affected by the heavy rain, snow, and high winds.

“The U.S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to assist California residents and businesses with federal disaster loans,” said SBA Administrator Karen G. Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

Loans up to $200,000 at 2.562 percent are available to homeowners to repair or replace damaged or destroyed real estate and loans up to $40,000 are available to repair or replace personal property.

Businesses of any size including private companies and non-profit organizations may borrow up to $2 million with interest rates as low as 4 percent to repair or replace damaged real estate, machinery and equipment, inventory, and other business assets.

Additional funds are available to homeowners and businesses that make improvements to protect, prevent, or minimize the same type of disaster damage from occurring in the future.

Disaster centers are open in Big Bear and Hesperia. The filing deadline to return applications for property damage is April 19, 2010.