California residents and business owners are eligible to get low interest disaster loans offered by federal government to recover from hurricane that occurred on Nov. 30th through Dec. 4th. SBA assistance is made available to Kern, Los Angeles, San Bernardino, Orange, and Ventura counties.
Disaster Loan Outreach center is where SBA customer service representatives are present to answer to questions, help individuals complete loan applications and explain the application process.
Disaster loans up-to $200,000 are available to homeowners for repairing damaged and destroyed real estate. Renters and homeowners are eligible to find $40,000 in grant for reparation of damaged or destroyed personal property. Businesses irrespective of their size can borrow up-to $2 million. Private and non-profit organizations are eligible to apply. With such disaster grants, it is possible to repair or replace destroyed real estate, inventory, machinery, equipment and other business assets.
Additional funds also go to homeowners and businesses from SBA. This fund helps to procure the cost of recovery, make improvements, prevent and minimize the same type of damage occurring in future too. SBA also offers ‘Economic Injury Disaster Loans’ (EIDLs) to entrepreneurs so as to facilitate them meet the working capital needs that arise due to the occurrence of a disaster. The EIDL assistance is provided even if businesses haven’t suffered property damages.