US SBA offering loans for Bay Area locals impacted by January severe storm, tornado

Applications for loans from the U.S. Small Business Administration are open until May 16 for property damage and Dec. 18 for economic injury caused by the severe storms and tornadoes that struck the area Jan. 24, according to a release from the SBA.

The SBA Disaster Field Operations Center-West recently opened a Disaster Loan Outreach Center at 7902 Fairmont Parkway, Pasadena, and a Business Recovery Center at 101 S. Richey St., Pasadena, to facilitate the loan process, according to the release.

“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each applicant complete their electronic loan application,” said Tanya Garfield, director of SBA Disaster Field Operations Center-West.

Businesses of any size and private nonprofits can borrow up to $2 million for the repair or replacement of damaged or destroyed assets such as real estate, equipment and inventory, according to the release. Additional funds are available to make improvements to safeguard property from future disasters.

Furthermore, the SBA offers SBA Economic Injury Disaster Loans to small businesses, small agricultural cooperatives and private nonprofit organizations of any size regardless of property damage, according to the release.

Loans are also available to homeowners for the repair or replacement of real estate for up to $200,000. Plus, homeowner and renters can receive loans for up to $40,000 for the replacement of damaged or destroyed personal property like vehicles, according to the release.

Interest rates will range from a minimum of 2.313% for homeowners and renters to 3.305% for businesses, according to the release. Loan borrowers have up to one year before payments are required and interest does not accrue until 12 months after receiving the loan.

Applications are available at disasterloanassistance.sba.gov/ela/s.