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$50 million in disaster assistance loans available to businesses, residents

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Posted at 9:49 PM, Mar 06, 2023

The Small Business Administration has approved more than $50 million in disaster assistance loans for California businesses and residents impacted by winter storms.

The SBA says $6,964,000 was approved for businesses and $43,239,200 for residents to help recover from the disaster.

Businesses may borrow up to $2 million in loans. Homeowners and renters are eligible for up to $40,000 in loans.

You can apply at the SBA website, or call the SBA Customer Service Center at (800 659-2955 or email the SBA at l disastercustomerservice@sba.gov for more information.

SBA loan borrowers have up to one year to begin making payments on the loan.

Interest does not begin to accrue until 12 months from the date of the initial loan disbursement.