The U.S. Small Business Administration (SBA) has opened a Disaster Loan Outreach Center for local residents, renters and business owners that were impacted by last month’s flash floods, mudslides and debris flows.
The center, located at 827 E. Avenue Q9 in Palmdale, operates in partnership with the Los Angles County Executive Office of Emergency Management and the cities of Palmdale and Lancaster. Businesses of all sizes 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. Homeowners can receive up to $200,000 in loans to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage which may occur during the El Nino storms expected next winter. Also, homeowners and renters may receive up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates may be as low as 4 percent for businesses and 2.625 percent for private nonprofit organizations. Homeowners and renters may be able to pay 1.875 percent interest with terms spanning up to 30 years.
“On behalf of our Antelope Valley residents who sustained significant damage to their homes and businesses, the county [is pleased] to open the Disaster Loan Outreach Center where they can secure financial assistance from the SBA to repair or replace damaged property,” said Los Angeles County Mayor Michael Antonovich (Fifth District).
Small businesses, agricultural cooperatives and most private nonprofit organizations can receive an Economic Inquiry Disaster Loan to help meet working capital needs caused by the recent disaster. This assistance is available regardless of whether the business suffered any property damage.
The hours are from 9 a.m. to 6 p.m. Monday through Friday. The center will close at noon on Nov. 25 and reopen at 1 p.m. Nov. 30.
For more details, call (800) 659-2955 or visit www.sba.gov to download an application.
