Small, nonfarm businesses in 19 California counties are now eligible to apply for low interest federal disaster loans from the U. S. Small Business Administration (SBA). These loans offset economic losses because of reduced revenues caused by the drought that occurred June 4 – July 29, 2013, in the following primary California counties, announced Alfred E. Judd, Director of SBA’s Disaster Field Operations Center-West.
Primary California counties: Calaveras, Orange, San Joaquin and Santa Clara;
Neighboring California counties: Alameda, Alpine, Amador, Contra Costa, Los Angeles, Merced, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Mateo, Santa Cruz, Stanislaus and Tuolumne.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Judd said.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 2.875% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most
