The U.S. Small Business Administration offers a lifeline through low-interest federal disaster loans. According to a report on Sonoma County's official website, these loans are aimed at small businesses that have felt the sting since the closure spanned from April 6 to October 31.
Eligibility for this financial aid relies not on the flash of damaged properties but solely on the economic bruises left by this ecological upset. These hard-hit local enterprises can borrow up to $2 million to manage their essential operating expenses. "Small businesses in Sonoma County that rely on salmon fishing for their livelihood were devastated when the fishery was shut down," Supervisor Lynda Hopkins told Sonoma County. She added, “This disaster declaration will provide these local businesses with loans to help them recover.”
The loans, flaunting an interest rate of 4 percent for small businesses and a benevolent 2.375 percent for private nonprofits, offer terms stretching up to 30 years. For the process, business owners are encouraged to get free, personalized counseling from the California Small Business Development Centers—just schedule an appointment first.
Those rushing to bring their companies back from the brink can apply online at SBA.gov/disaster, or they can seek guidance by ringing (800) 659-2955 or sending an email to [email protected]. And for the folks bumping into communication barriers, just dial 7-1-1 to hop on telecommunications relay services. The deadline to apply for these loans is August 29, 2024.
