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Residents Impacted by Severe Storms May Be Eligible for Loans

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Car on flooded street

February 3, 2011

The U.S. Small Business Administration (SBA) advised San Diego County officials today that residents and business owners affected by the severe winter storms which impacted the region from December 18 through January 4 could be eligible for low-interest loans.

“More than 200 San Diego homeowners and businesses have contacted the County regarding storm-related damage and economic losses,” said Chairman Bill Horn, County of San Diego Board of Supervisors. “We appreciate the SBA’s effort to help our residents recover.” 

The disaster declaration also makes SBA assistance available to ten other counties.

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

Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  In addition, the SBA can also lend funds to homeowners and businesses to make improvements that protect, prevent or minimize future damage during the same type of disaster.

Loan amounts and terms are set by the SBA and are based upon each applicant’s financial condition. Rates may be as low as 2.25 percent for homeowners and renters, 3 percent for private, non‑profit organizations and 4 percent for businesses, with terms up to 30 years.

For additional details, contact SBA by phone at (800) 659-2955 or for the hearing impaired at (800) 877-8339. Applicants may apply online using the Electronic Loan Application via SBA’s secure website. 

Filing deadlines are: April 4, 2011 for property damage; November 2, 2011 for economic injury.


         

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