Some California Small Businesses Now Eligible for Drought-Related Federal Loans – Covers Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz...


May 7, 2021 - SACRAMENTO, California - Small non-farm businesses in Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz counties can now apply for federal low-interest catastrophe loans with the U.S. Small Business Administration. Some-California-Small-Businesses-Now-Eligible-for-Drought-Related-Federal-Loans.jpgThese loans offset economic losses as revenues declined due to the Santa Cruz County drought that began on April 27, 2021.

"The SBA eligibility covers both the economic impact on businesses that are dependent on farmers and ranchers who have suffered losses in agricultural production from the disaster, as well as on businesses that are directly affected by the disaster." said Director Tanya N. Garfield of the SBA's Disaster Field Operations Center-West.

Small non-agricultural businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private nonprofits of all sizes can qualify for up to $ 2 million in catastrophe loans to meet financial obligations and operating costs that are not required the disaster could have occurred.

“Eligibility for these loans is based only on the financial impact of the disaster and not on actual property damage. These loans have an interest rate of 3 percent for businesses and 2 percent for private nonprofits, have a maximum duration of 30 years, and are available to small businesses and most private nonprofits without the financial means to easily offset the adverse effects . " Said Garfield.

By law, SBA provides loans for disaster damage when the US Secretary of Agriculture calls for an agricultural disaster. The secretary declared this disaster on May 3, 2021.

Companies primarily engaged in agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Service Agency for information on assistance from the U.S. Department of Agriculture contained in the secretary's statement. However, kindergartens are entitled to SBA disaster relief in the event of drought.

Applicants can apply online, receive additional information on disaster relief and download applications from https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email Disastercustomerservice@sba.gov for more information on SBA Disaster Response. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be sent to the US Small Business Administration, Processing, and Payments Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for applying for economic damage ends on January 3, 2022.
Source: Cal JA


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https://businessservicesnews.ca/some-california-small-businesses-now-eligible-for-drought-related-federal-loans-covers-monterey-san-benito-san-mateo-santa-clara-and-santa-cruz-counties/

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