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SBA briefs Glendale council on disaster loans after August flooding
Summary
The Small Business Administration told the Glendale council it can offer disaster assistance loans for homes and businesses affected by August flooding — up to $500,000 for homeowners and up to $2,000,000 for businesses — and cited interest guidance and a deferral period.
April Atkins of the Small Business Administration briefed the Glendale Common Council on federal disaster assistance available to businesses and homeowners affected by flooding in August.
"Homes were damaged. SBA is here to help," Atkins told the council. She described the program’s basic parameters: "You get up to, up to $2,000,000 for the business" and "if your business is short for home loans, you get up to 500,000" for homeowners needing repair, replacement or rebuilding.
Council members asked whether the loans cover repair only or full reconstruction; Atkins said they can cover repairs and replacement, including rebuilding where necessary. She offered to provide a fact sheet to city staff so the council could distribute guidance to residents and business owners.
During a question-and-answer exchange about loan terms, Atkins said there is a payment deferral period (recorded in the transcript as "no payment 12 months") and gave maximum interest guidance: "For homeowners, you get up to 3%. For business loans, you get up to 4%. And for nonprofits, you get up to 3.6625%." She also said there is no prepayment penalty.
Atkins left to provide materials: she offered to email a fact sheet and to leave a printed handout for the city to scan and distribute. Council members asked that the information be routed to staff and the Chamber of Commerce so the details reach affected residents and businesses.
What the record does not show: The transcript does not include specific application deadlines, the precise terms for eligibility determination, or contact information beyond Atkins’ offer to share a fact sheet. Those details are expected to be provided in the SBA fact sheet or by SBA staff following the meeting.
