Deadline for Disaster Recovery Loan is on March 10th- Join this webinar to find our more information

The SBA’s Office of Disaster Recovery and Resilience is currently in Los Angeles County as a result of the major disaster declaration approved by the President on January 8, 2025. The declaration covers Los Angeles and the contiguous counties of Kern, Orange, San Bernardino, and Ventura due to wildfires and straight-line winds that began Jan. 7, 2025. SBA disaster loans are the primary source of federal assistance to help private property owners pay for losses not covered by insurance or other recoveries. Loans are available to businesses of all sizes and nonprofit organizations to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA also offers Economic Injury Disaster Loans (EIDLs) to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most nonprofit organizations to help meet working capital needs caused by the disaster, even if there is no physical damage. EIDLs may be used to pay fixed debts, payroll, accounts payable, and other expenses that would have been met if not for the disaster. Businesses can apply for loans of up to $2 million. Disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters also are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles. Interest rates can be as low as 4% for businesses, 3.625% for nonprofit organizations, and 2.563% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement and loan repayment.