San Diego storm-damage loans available

Federal program offers low interest rates

By Tanya Mannes

Friday, February 4, 2011 at 11:20 a.m.

John Gibbins

U-T FILE PHOTO: Members of the San Diego Fire-Rescue Department help evacuate guests at the Premier Inn in Mission Valley Dec. 29, 2010, at the height of a weeklong series of rains that caused major flooding — including at Qualcomm Stadium — power outages and runoff pollution countywide.

San Diego County business owners and residents who suffered property damage or loss of business during the recent winter storms can apply for low-interest federal loans to help them get back to normal.

The deadline to file documents for a disaster loan are April 4 for property damage and Nov. 2 for economic injury. Applicants may apply online on SBA’s secure website at disasterloan.sba.gov/ela.

Severe storms from Dec. 18 through Jan. 4 caused flooding and damaged many buildings. The rising river overflowed into roads and parking lots, blocking access to the Fashion Valley Mall and many other businesses.

President Barack Obama declared a state of disaster in San Diego County and 10 other counties. The U.S. Small Business Administration this week advised San Diego County officials of the loan program deadlines.

More than 200 San Diego homeowners and businesses have contacted the county with questions about storm-related damage and economic losses, said Bill Horn, chairman of the county Board of Supervisors. “We appreciate the SBA’s effort to help our residents recover,” Horn said.

Details of the program:

• Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
• Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged personal property.
• Loan amounts and terms are set by the SBA and are based upon each applicant’s financial condition. Rates may be as low as 2.25 percent for homeowners and renters, 3 percent for private, non profit organizations and 4 percent for businesses, with terms of up to 30 years.
• Homeowners and businesses may also apply for loans to make improvements that protect, prevent or minimize future damage during the same type of disaster.

For details, contact SBA by phone at (800) 659-2955. The number for the hearing impaired is (800) 877-8339.

via signonsandiego.com

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