Ruben R. Garcia, Director of the U. S. Small Business Administration’s (SBA) San Diego District Office, today announced the closing of SBA’s El Centro Disaster Loan Outreach Center (DLOC). The center, located at the Imperial Valley Small Business Development Center, will close at 6 pm on Monday, June 21, which is the filing deadline to return applications for property damage.
SBA opened the center on May 3 to provide personalized assistance to residents and businesses affected by the April 4 Northern Baja California Earthquake. So far, SBA has personally met with more than 748 individuals and business owners at the center. “Until the center closes, SBA’s customer service representatives will continue to be available to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their application and close their approved disaster loans,” Garcia continued.
The El Centro center is located at:
Disaster Loan Outreach Center
Imperial Valley Small Business Development Center
301 N. Imperial Avenue, Suite B
Mondays through Fridays, 9 am to 6 pm
“Low-interest Federal disaster loans are still available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the disaster. So far, SBA has approved more than $2.7 million in low interest disaster loans,” said Garcia.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private, non-profit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 2.625 percent for homeowners and renters, 3 percent for private, non profit organizations, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659 2955, emailing mailto:firstname.lastname@example.org, or visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877 8339. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
The filing deadline to return applications for property damage is June 21, 2010. The deadline to return economic injury applications is January 21, 2011.
For more information visit SBA’s Web site at http://www.sba.gov/.
SBA Field Operations Center – West, P.O. Box 419004, Sacramento, CA 95841