The Small Business Administration (SBA) has announced the closure of its two remaining disaster loan outreach centers in San Diego and Spring Valley. These centers were opened to assist California businesses and residents affected by the severe storm and flooding that occurred in January. Francisco Sánchez Jr., an associate administrator for the SBA, stated that the centers will close at 6 p.m. on Thursday, but until then, customer service representatives will be available to answer questions, explain the disaster loan program, and help close approved disaster loans.
While the deadline to apply for a loan for property damage 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 suffered property damage. The interest rates for these loans are 4% for businesses and 3.25% for private nonprofits, with terms up to 30 years. Interest does not start accruing until 12 months from the date of the first loan disbursement.
Applicants can apply online and find additional disaster assistance information at SBA.gov/disaster or contact the SBA Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for further information.
