MONTEREY COUNTY — U.S. Small Business Administration (SBA) has announced the opening of its Disaster Loan Outreach Center in Monterey County to meet the needs of businesses and individuals who were affected by the severe winter storms, flooding, landslides and mudslides that occurred from Dec. 27, 2022, to Jan. 31, 2023.
The center, which officially opened Feb. 28, is located at the Monterey County Government Center, 1441 Schilling Place, in Salinas and is available Monday through Friday from 9 a.m. to 5 p.m. No appointment is necessary.
“SBA customer service representatives will be on hand at the center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” said Tanya N. Garfield, director of SBA’s Disaster Field Operations Center-West.
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 businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of 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.
SBA 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.
Interest rates can be as low as 3.305% for businesses, 2.375% for private nonprofit organizations and 2.313% 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.
To be considered for all forms of disaster assistance, survivors must first register with the Federal Emergency Management Agency at disasterassistance.gov.
Applicants can apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov, or call SBA’s Customer Service Center at 800-659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The deadline to apply for property damage is March 16, while the deadline to apply for economic injury is Oct. 16.