The Small Business Administration (SBA) is now making low-interest federal disaster loans available to Southern California businesses, homeowners, renters and private nonprofit organizations impacted by the Los Angeles County Wildfires.
Disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters also are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles. Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations are designed to help those entities meet working capital needs caused by the disaster, even if there is no physical damage.
“As heroic firefighters and first responders continue to battle the devastating wildfires sweeping across Southern California, the federal government is surging resources to ensure that Angelenos are prepared to recover and rebuild from this catastrophe,” said SBA Administrator Isabel Casillas Guzman. “In response to President Biden’s major disaster declaration, the SBA is mobilizing to provide financial relief to impacted businesses and residents. Our continued prayers are with the brave individuals working to put out these fires as well as all those who have lost loved ones, their homes, and their businesses to this disaster. We stand ready to support our fellow Americans for as long as it takes.”
The SBA encourages applicants to submit their loan applications as soon as possible, with applications prioritized in the order received.
