Deadline approaches for SBA disaster loans for property damage from contraband fire
SACRAMENTO, California – December 27, 2021 is the deadline to apply for a federal SBA disaster loan for property damage from the Bootleg fire in Klamath County. That’s according to Director Tanya N. Garfield of the US Small Business Administration’s Midwest Field Disaster Operations. The loans are aimed at both businesses and residents. The fire broke out from July 6 to August 15, 2021.
According to Garfield, businesses of all sizes, most private nonprofits, landlords and tenants can apply for federal disaster loans from the SBA to repair or replace property damaged by the disaster. The SBA may also lend additional funds to help cover the cost of improvements to protect, prevent, or minimize the same type of damage from a disaster in the future.
These low interest federal disaster loans are available in Deschutes, Douglas, Jackson, Klamath, Lake and Lane counties in Oregon; and the counties of Modoc and Siskiyou in California.
Businesses of all sizes and private non-profit organizations can 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 provides economic disaster loans to small businesses, small farmer cooperatives, small aquaculture businesses, and most private non-profit organizations of any size to help meet working capital needs. caused by the disaster. Aid for economic damage is available whether the business has suffered material damage or not. The deadline to apply for an SBA Economic Disaster Loan is July 28, 2022.
Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 2.88% for businesses, 2% for private non-profit organizations, and 1.625% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.
Applicants can apply online, receive additional information on disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.