Loans up to $75,000 are available for small businesses in fire-ravaged Altadena, Los Angeles County officials announced Tuesday.
Board of Supervisors Chair Kathryn Barger and the county Development Authority have launched the Altadena Disaster Relief Small Business Loan Program, which aims to provide working capital to help small businesses in the community’s unincorporated areas recover from the Eaton Fire and retain local jobs.
“The Eaton Fire devastated many in our Altadena community, and this program ensures we’re providing real support where it’s needed most,” Barger said in a statement. “Small businesses are the backbone of our local economy, and helping them get back on their feet is essential to restoring stability, jobs and community spirit in the wake of disaster.”
Eligible businesses are public-facing, physical storefronts, such as restaurants, retail shops, fitness centers, grooming services and day spas, according to the county. Applicants must be in business for at least six months and located in unincorporated areas of ZIP codes 91001 and 91004.
The Development Authority plans to award as many as 80 loans with a 15-year term, officials said. Funds will go directly to the borrower, and businesses that have received FEMA assistance are also eligible to apply. Interest rates are deferred for the first 60 months, then a 3% fixed interest rate effective through the 180th month.
“Small businesses drive economic growth, create jobs, and foster community,” Emilio Salas, Development Authority executive director, said in a statement. “We are proud to help Altadena wildfire survivors regain economic stability. Keeping doors open for these business owners is essential to the resilience of Altadena.”
For full eligibility guidelines and loan applications, visit altadenabizrelief.lacda.org. Applications are accepted starting at noon Tuesday until noon on June 3.
A webinar on the loan program is scheduled for May 13 at 10 a.m. Officials said more details and the webinar link will be posted on the program’s website.
