Small Business Administration to shutter January storm disaster loan centers

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The Small Business Administration will officially close the two remaining San Diego and Spring Valley disaster loan outreach centers on Thursday.

"SBA opened the centers to provide personalized assistance to California businesses and residents who were affected by the severe storm and flooding that occurred Jan. 21 - 23," said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "Until the centers close, SBA customer service representatives will continue to be available to meet with businesses and residents to answer their questions, explain SBA's disaster loan program and close their approved disaster loans."

According to the SBA, the deadline to apply for a loan for property damage has passed, but small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits still have until Nov. 19 to apply for an economic injury disaster loan.

Economic injury assistance is available regardless of whether the business suffered any property damage.

Interest rates are 4% for businesses and 3.25% for private nonprofits with terms up to 30 years, a statement from the SBA read. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement.

Meanwhile, the San Diego Housing Commission announced its Flood Recovery Program for displaced residents. The program's goal is to support the successful transition of all City of San Diego families displaced by the January 22 floods into stable housing.

"Hundreds of City of San Diego families whose lives were upended by the floods are still in the County of San Diego’s Emergency Temporary Lodging Program as they continue on their path to recovery. Many of these families have extremely low income and are facing significant challenges. Through the Flood Recovery Program for Displaced Residents, we want to provide the support and assistance they need as well as housing stability and hope for a return to normalcy going forward. My thanks to the City Council and the County Board of Supervisors for their steadfast support of these efforts,” SDHC President and CEO Lisa Jones said. 

Although the disaster loan centers have closed, applicants may still apply online and receive additional disaster assistance information at SBA.gov/disaster or by calling SBA's Customer Service Center at 800-659-2955 or emailing disastercustomerservice@sba.gov for more information.

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