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SBA Opens Disaster Loan Center Monday

Disaster loans up to $200,000 are available to homeowners while businesses may borrow up to $2 million.

The U.S. Small Business Administration (SBA) will open a Disaster Loan Outreach Center at 1 p.m. Monday at the administrative offices of the Pasadena Fire Department, 199 South Los Robles Avenue, Suite 550. 

Low-interest federal disaster loans will be available to California residents and business owners affected by the Los Angeles County High Winds from Nov. 30 through Dec. 4.

No appointment is necessary. The center will be open on the following days and times:

  • Monday, Dec. 19 from 1 p.m. to 5:30 p.m.
  • Tuesday, Dec. 20 through Friday, Dec. 23 from 9 a.m. to 5:30 p.m.. 
  • Monday, Jan. 9 through Friday, Jan. 20 from 9 a.m. to 5:30 pm

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. 

Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. 

For small businesses and most private, nonprofit organizations of any size and aquaculture businesses, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. 

Interest rates can be as low as 2.063 percent for homeowners and renters; 3 percent for private, nonprofit organizations; and 4 percent for businesses. Terms are up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition. 

Disaster loan information and application forms are available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing disastercustomerservice@sba.gov, or visiting SBA’s website HERE. Individuals who are deaf or hard of hearing may call (800) 877-8339. 

The filing deadline to return applications for property damage is Feb. 17, 2012. The deadline to return economic injury applications is Sep. 19, 2012. 

The disaster declaration makes SBA assistance available in Los Angeles County and the neighboring counties of Kern, Orange, San Bernardino and Ventura. For full details, view this message on the web.

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