Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Emergency Financial Assistance topic
No spam. Unsubscribe anytime.
SBA outlines disaster loans and recovery resources for homeowners, renters and businesses
Summary
A Small Business Administration public information officer told the council about disaster recovery lending available to homeowners, renters and businesses, including low-interest loans for individuals, physical-damage loans and economic injury loans up to $2 million, and a deadline for economic-injury assistance in October.
A representative of the U.S. Small Business Administration told the Santa Fe Springs City Council about disaster-recovery lending and outreach the SBA is offering to Los Angeles County residents and businesses.
"My name is Chandler Webber. I am a public information officer with the US Small Business Administration," said Chandler Webber, who described his office as the SBA’s Office of Disaster Recovery and Resilience. He told the council the office works disaster to disaster and focuses on assistance for homeowners, renters and businesses.
Webber outlined several programs: low-interest loans for individuals, with an example rate mentioned of 2.563 percent and terms up to 30 years with the first year having no payment or accrued interest; physical-damage loans for homeowners and renters up to $500,000 and up to $100,000 for personal property; and business physical-damage loans and economic injury loans up to $2,000,000. He also noted an application deadline for economic injury loans running through Oct. 8.
"We offer primarily assistance to homeowners and renters," Webber said, adding that in Los Angeles County SBA disaster loans had surpassed $2 billion in total and that about $1.85 billion went to individuals in recent deployments.
Webber told the council the loans can help people begin rebuilding faster while they wait for insurance or grant money to materialize, and that SBA offers no prepayment penalties. He left information for city staff and said his office will follow up with local partners.
Councilmembers asked staff to connect Webber with the local chamber of commerce and planning department so businesses could learn about available resources. Webber said he would send follow-up emails and materials for local outreach.
