SBA disaster assistance available for Santa Clara county businesses and residents affected by flooding

WASHINGTON, D.C. – U.S. Rep. Zoe Lofgren (D-San Jose) announced low-interest federal disaster loans will be made available to Santa Clara County businesses and residents affected by severe storms and flooding that occurred between February 1-25.

The U.S. Small Business Administration is acting in response to a request received from California Governor Jerry Brown's director of the Governor's Office of Emergency Services, representative, Mark S. Ghilarducci, on March 17, 2017.

"I'm glad to see the federal government respond to Governor Brown's request for assistance on behalf of small business owners and residents here in Santa Clara that have been affected by severe weather," said Lofgren.

Beginning Wednesday, March 22, 2017, SBA representatives will be on hand at the below Disaster Loan Outreach Center to answer questions about SBA's disaster loan program, explain the application process and help each individual complete their application. Assistance will be available for Spanish and Vietnamese speaking applicants, and fact sheets are attached.

From the U.S. Small Business Administration:

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.15 percent for businesses, 2.5 percent for private nonprofit organizations and 1.875 percent for homeowners and renters 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 disastercustomerservice@sba.gov. Individuals who are deaf or hard?of?hearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for property damage is May 19, 2017. The deadline to return economic injury applications is Dec. 20, 2017.

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