SBA loans available for local businesses affected by winter storms
President Joe Biden on Saturday approved a disaster declaration for severe California weather that began Dec. 27 and has continued through January.
On Saturday, President Joe Biden approved a disaster declaration to address severe weather in California. It was effective immediately and continues through January. Businesses in Sacramento County are eligible to apply for Small Business Administration physical disaster loans. These loans can be used for the repair of storm-damaged real estate, machinery, and equipment. All businesses are eligible to apply. According to the SBA, businesses can borrow up to $2,000,000 to repair or replace storm damage. SBA's Disaster Program includes loans for economic and physical damage. These counties are eligible to apply for economic injuries loans. The deadline is Oct. 16. According to the SBA, interest rates on loans can be as low at 3.3% for businesses and as low as 2.4% for private non-profit organizations. You can find additional information online about the program. This includes loans for homeowners.