California homeowners and businesses affected by the LA wildfires have more time to apply for federal assistance. The application period has been extended to March 31 for Small Business Administration (SBA) low-interest federal disaster loans available to California residents and businesses affected by the wildfires and straight-line winds that began Jan. 7.in the Los Angeles County area.
“When disasters strike, our disaster loan centers are vital to helping business owners and residents get back on their feet,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence. Eligible small businesses and PNPs of any size are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
SBA customer service representatives are available at Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application. The centers will be open on the days and times indicated below until further notice. No appointment is necessary.
LOS ANGELES COUNTY
Disaster Loan Outreach Center
Pasadena City College Community Education Center (PCC CEC)
Multi-Purpose Room
3035 E. Foothill Blvd.
Pasadena, CA 91107
Mondays – Fridays, 9 a.m. – 6 p.m.
Saturdays, 9 a.m. – 4 p.m.
*****
Business Recovery Center
Women’s Business Center
Parking at back of building on Yolanda Ave.
18700 Sherman Way, Ste. 112
Reseda, CA 91335
Mondays – Wednesdays, 8:30 a.m. – 5:30 p.m.
*****
Business Recovery Center
Santa Monica Chamber of Commerce
2525 Main St., Ste. 103
Santa Monica, CA 90405
Mondays – Wednesdays, 9 a.m. – 5 p.m.
*****
VENTURA COUNTY
Disaster Loan Outreach Center
Ventura County Community
Foundation (VCCF)
Economic Development Collaborative
4001 Mission Oaks Blvd., Ste. A‑1
Camarillo, CA 93012
Mondays – Fridays, 8 a.m. – 5 p.m.