Victims of mudslides and frustrated private road owners suffering from the February storms with little or no insurance protection may now apply for low-interest Small Business Association (SBA) loans.
Earlier this week the SBA established a DisasterLoanOutreachCenter at 701 Ocean St. in the Elections Office on the third floor. Office hours are 9 a.m. to 5:30 p.m. The center will be closed Friday, March 22, for Cesar Chavez Day. No appointment is necessary.
“We can loan for any uninsured or under-insured damages and there is no cost to apply and no obligation to accept the loan funds,” said Garth MacDonald from the SBA. “Applicants don’t even have to know how much they may need when they apply.”
Businesses, non-profits, homeowners and renters who had losses from storms occurring Feb. 1-25, can get face-to-face help at the disaster center. Applicants can also apply online at https://disasterloan.sba.gov/ela.
Filing deadlines are May 19 for physical damage and Dec. 20 for economic injury.
Business may borrow up to $2 million for any combination of property damage or injury. Homeowners can borrow up to $200,000 to repair or replace their primary residence.
Homeowners and renters may borrow up to $40,000 to replace personal property.
Santa Cruz is one of 25 counties in the state qualifying for low-interest SBA loans.
Interest rates range from 1.875 percent to 6.3 percent, depending on what the borrower needs the funds for ― business, home, non-profit, etc.
Repayment loan terms are a maximum of 30 years. However, the law restricts businesses with credit available elsewhere to a maximum seven-year term.
For more information call 800-659-2955
