SBA offers assistance to small businesses impacted by Cranston Fire

SACRAMENTO – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Cranston Fire that occurred July 25-Aug. 15, SBA Administrator Linda McMahon announced.

SBA acted under its own authority to declare a disaster following a request received from Gov. Edmund G. Brown Jr.’s designated representative, Mark S. Ghilarducci, director of the Governor’s Office of Emergency Services, Aug. 20.

The disaster declaration makes SBA assistance available in Imperial, Orange, Riverside, San Bernardino and San Diego counties and La Paz County in Arizona.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist California’s small businesses with federal disaster loans,” McMahon said. “We will be swift in our efforts to help these small businesses recover from the financial impacts of this disaster.”

“Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West said. “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.61 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. 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 economic injury is May 24, 2019.

Submitted by U.S. Small Business Association.