The U.S. Small Business Administration (SBA) announced it is offering disaster assistance to Ventura businesses and residents affected by the Dec. 2023 storm and flooding.
Low-interest federal disaster loans are available to California businesses and residents affected by the December 2023 Storm and Flooding that occurred Dec. 21 – 23, 2023, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward, of the California Office of Emergency Services, on Jan. 9, 2024.
The disaster declaration makes SBA assistance available in Kern, Los Angeles, Santa Barbara and Ventura counties.
“SBA’s mission-driven team stands ready to help California’s small businesses and residents impacted by the storm and flooding,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Associate Administrator Francisco Sánchez of the U.S. Small Business Administration’s Office of Disaster Recovery & Resilience. “Beginning Saturday, Jan. 13, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez continued. The center will be open on the days and times indicated below until further notice. No appointment is necessary.
Disaster Loan Outreach Center
South Oxnard Branch Library
4300 Saviers Rd.
Oxnard,
Businesses of all sizes 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 help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage is March 11, 2024. The deadline to apply for economic injury is Oct. 10, 2024.
