SBA Disaster Loan Outreach Centers to Close in San Diego and Spring Valley, But Small Businesses Have Until November to Apply for Economic Injury Loans

The Small Business Administration (SBA) has announced that the two remaining disaster loan outreach centers in San Diego and Spring Valley will officially close at 6 p.m. on Thursday. These centers were opened to provide personalized assistance to businesses and residents in California who were affected by a severe storm and flooding that occurred on January 21 – 23. Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, stated that until the centers close, customer service representatives will still be available to answer questions, explain the disaster loan program and close approved disaster loans.

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofits still have until November 19 to apply for an economic injury disaster loan. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for a loan for property damage has passed.

According to the SBA, interest rates are 4% for businesses and 3.25% for private nonprofits with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster or by calling SBA’s Customer Service Center at 800-659-2955. An alternative option is to email disastercustomerservice@sba.gov for more information.

The Mountain View Community Center and Spring Valley Library serve as temporary offices where customers can meet with SBA representatives without an appointment necessary. It’s important for those looking to apply for a loan or receive more information about their options to contact one of these locations before they close.

In summary, small businesses, agricultural cooperatives, aquaculture businesses, private nonprofits still have time left before applying for economic injury loans but must do so before November 19th deadline. The interest rates are set at $4% for businesses and $3.25% for private nonprofits with terms up to thirty years from the date of first disbursement without any accrual until one year from that date.

It’s important that applicants seek help from one of these remaining centers as they will be able to ask questions or get clarification on how their application process works before it’s too late.

Those seeking more information should visit SBA website www.SBADisasterAssistance or call customer service center at (800) -659-2955 or email [disastercustomerservice@sba