California business owners have received millions in loans to help them recover from the storms that occurred in February and more is available in some Bay Area counties, Small Business Administration officials said Friday.
Business owners in Alameda, Napa, San Mateo, Santa Clara and Sonoma counties in the Bay Area as well as owners in Monterey and Santa Cruz counties are eligible.
The deadline to apply is Dec. 20.
California business owners received $4.7 million for the storms that hit California between Feb. 1 and Feb. 25. California residents received $5.3 million to them recover from the storms during the same period.
The deadline for property damage loans has expired, according to federal officials. But loans for small businesses and most private nonprofits of any size can continue to apply for Economic Injury Disaster Loans, which helps owners meet working capital needs.
The interest rate on business loans is 3.15 percent and the interest rate is 2.5 percent on loans for private nonprofits. Federal officials said terms can be as long as 30 years.
The loans can be as much as $2 million to help meet debts and operating expenses which could have been met if there hadn't been a disaster. Business owners can use the money to pay fixed debts, payroll, accounts payable and other bills that couldn't be paid because of the storms.
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Business owners can apply for disater loans online.
Information and applications can also be obtained by (800) 659-2955 or emailing disastercustomerservice@sba.gov.
People who are deaf or hard-of-hearing may call (800) 877-8339. Visit the SBA website for more information or to download applications.
Completed applications can be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
