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The U.S. Small Business Administration’s Disaster Field Operations Center-West Director Tanya N. Garfield announced on December 20th, 2018, that the Agency has approved over $214 million in federal disaster loans for California businesses and residents who have been affected by the recent wildfires in Butte, Los Angeles and Ventura counties in November.
Specifically, the SBA has approved $7,557,300 for businesses and $206,500,200 for homeowners and renters. The loan will be used to help residents rebuild structures and financially recover from these latest natural disasters.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield in the official press release. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate.”
Renters and homeowners are eligible to apply for the SBA’s no cost, low-interest rate disaster loans even if they do not own a business. According to the SBA website, renters and homeowners may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances.
Homeowners may borrow up to $200,000 to repair or replace their primary residence to pre-disaster condition. Moreover, loans may be increased up to 20 percent of total amount of physical loss to make improvements that lessen the risk of future property damage. Businesses can receive up to $2 million.
Businesses and residents in areas affected by the California wildfires are encouraged to register before January 11, 2019 with the Federal Emergency Management Agency at www.disasterassistance.gov. Read the full press release here.