In the wake of Tropical Cyclone Hilary, San Diego County residents and businesses are now eligible for low-interest federal disaster loans from the U.S. Small Business Administration (SBA). As noted on County News Center, these loans aim to aid recovery and rebuilding efforts.
SBA has established a Disaster Loan Outreach Center at the San Diego County Library's Bonita-Sunnyside Branch. It's here that loan officers are ready to assist with applications and explain the loan programs. SBA Administrator Isabella Casillas Guzman assured that the SBA has "committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild."
Under the SBA's program, businesses can be applying for loans of up to $2 million to replace or repair destroyed equipment, inventory, and other business assets, including real estate. Homeowners can apply for loans of up to $500,000 to repair or replace damaged real estate. Furthermore, loans of up to $100,000 are available for homeowners and renters to replace or repair personal property.
Furthermore, additional funds are available to businesses and homeowners for improvements designed to minimize future disaster damage from the similar incidents. Economic injury assistance is additionally available to small businesses, small agriculture-based businesses, and most private nonprofits, enabling them to meet working capital needs caused by the storm.
The Disaster Loan Outreach Center at the San Diego County Library's Bonita-Sunnyside Branch will be open from Monday, October 2nd, to Friday, October 13th. Applicants can also access information on disaster assistance and loan applications online through SBA's Disaster Loan Assistance website.
Deadline for these applications: physical damage loans should be submitted by November 21st, 2023. Economic injury loans should be sent by June 24th, 2024. Applications for the loans should be mailed to the U.S. Small Business Administration Processing and Disbursement Center in Fort Worth, Texas.
The loans offered by the SBA aim to provide much-needed aid to those affected in San Diego County by Tropical Cyclone Hilary. With this financial support, residents and businesses can begin rebuilding and strengthening their communities post-disaster.
