Photograph by Matthew Bowler
The U.S. Small Enterprise Administration is providing low-interest federal catastrophe loans for working capital to small companies in San Diego and 34 different California counties which are economically impacted by the coronavirus pandemic.
Small companies, non-public nonprofit organizations of any dimension, small agricultural cooperatives and small aquaculture enterprises which were financially impacted as a direct results of COVID-19 since Jan. 31 could qualify for Financial Harm Catastrophe Loans of as much as $2 million to assist meet monetary obligations and working bills which might have been met had the catastrophe not occurred, in line with SBA Administrator Jovita Carranza.
“These loans could also be used to pay mounted money owed, payroll, accounts payable and different payments that may’t be paid due to the catastrophe’s impression. Catastrophe loans can present very important financial help to small companies to assist overcome the short-term lack of income they’re experiencing,” Carranza mentioned.
The rate of interest on the catastrophe loans is 3.75% for small companies and a pair of.75% for personal nonprofit organizations. SBA presents loans with long-term repayments with the intention to hold funds inexpensive, as much as a most of 30 years.
Candidates could apply on-line, obtain further catastrophe help data and obtain functions at https://disasterloan.sba.gov/ela. Candidates may name SBA’s Buyer Service Heart at 800-659-2955 or electronic mail [email protected] for extra data on SBA catastrophe help. People who’re deaf or hard-of-hearing ought to name 800-877- 8339.
Accomplished functions needs to be mailed to: U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Highway, Fort Value, TX, 76155.
The deadline to use for an Financial Harm Catastrophe Mortgage is Dec. 16.
For extra details about obtainable SBA sources and companies, go to SBA.gov/coronavirus.
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