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Outreach Center Makes It Easier to Get Storm Damage Loans

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flooded street

February 11, 2011

The U.S. Small Business Administration (SBA) announced today that it will open a Disaster Loan Outreach Center to help residents and businesses impacted by the severe winter storms which affected the region December 18 through January 4.

The SBA is making low-interest loans available to San Diego and ten other counties. The disaster declaration makes the assistance available, and more than 200 San Diego homeowners and businesses have already contacted the County Office of Emergency Services regarding storm-related damage and economic losses.

The Disaster Loan Outreach Center will open Monday, February 14 at the Serra Mesa Recreation Center at 9020 Village Glen Drive in San Diego. It will be open Monday through Friday 8 a.m. – 4:30 p.m. The office will be closed February 21 in observance of President’s Day.

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 based upon each applicant’s financial condition.  

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. You can also get information at ReadySanDiego.com.    

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


         

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