District Director Mark Quinn of the U.S. Small Business Administration’s San Francisco District Office on Monday reminded California small businesses of the April 13, 2017, deadline to apply for an SBA federal disaster Loan for economic injury caused by the Moraga Sinkhole in Contra Costa County. According to Quinn, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans up to $2 million to help meet working capital needs caused by the disaster.
“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Quinn said.
These low-interest federal disaster loans are available in Alameda, Contra Costa, Sacramento, San Joaquin and Solano counties. The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela. Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing email@example.com. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster.