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SBA outlines disaster-loan options and March 31 deadline for Agoura Hills residents
Summary
A Small Business Administration representative told the Agoura Hills City Council about low-interest disaster loans for homeowners, renters, businesses and nonprofits after recent wildfires and explained application methods and local recovery centers.
Natalie Longwell, public information officer for the Small Business Administration’s Office of Disaster Recovery and Resilience, told the Agoura Hills City Council that homeowners, renters, businesses and nonprofits in designated disaster areas may be eligible for low-interest federal disaster loans and urged affected residents to apply before the physical-damage deadline of March 31.
Longwell said the SBA provides loans to help repair or replace buildings, equipment and contents and to cover mitigation costs. She said businesses and nonprofits may borrow up to $2,000,000 for physical damage, homeowners up to $500,000 for residence repairs, and homeowners and renters up to $100,000 for damaged contents. Interest rates she cited were “as low as 4% for businesses, as low as 3.625% for nonprofits, and as low as 2.563% for homeowners and renters,” with terms up to 30 years.
Longwell said economic injury disaster loans are available to businesses that lost revenue even if they did not sustain physical damage, and that mitigation funding may cover up to 20% of the verified structural loss. She told council members that applicants have no obligation to accept an approved loan and can delay a decision or disbursement; she also said there is no cost to apply.
The SBA representative described three application routes: online at lending.SBA.gov, by calling the SBA at (800) 659-2955, or in person at one of two disaster recovery centers in Los Angeles County. She identified the centers as 540 West Woodbury Road in Altadena and UCLA Research Park West at 1850 West Pico Boulevard in Los Angeles; both were described as open Monday through Saturday from 9 a.m. to 7 p.m. Longwell recommended in-person help for one-on-one assistance through the application.
The presentation was informational; no council action was taken. Council members offered to make the presentation materials available on city social media and staff confirmed they would distribute the information.
Additional details provided during the presentation included application timelines (initial disbursements can be made within five business days after approval) and that interest does not begin to accrue until 12 months after the first disbursement. Residents seeking help were directed to the SBA Office of Disaster Recovery and Resilience for more information.
