The U.S. Small Business Administration announced on Feb. 13 that it had approved $20 million in loans for Southern California businesses and residents affected by recent mudslides and wildfires.
The loan assistance is available to those living in Los Angeles, San Diego, Santa Barbara and Ventura counties for natural disasters that began Dec. 4, 2017.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” Tanya Garfield, SBA’s director for disaster field operations-west said, in a statement.
According to Garfield, $2,576,700 was approved for businesses and $18,543,200 for residents.
Businesses and nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment while loans up to $200,000 are available to homeowners to repair or replace damaged primary residences, SBA officials said.
Deadline to apply for property damage is March 16. For more information, visit www.disasterassistance.gov.
Manufacturing and trade reporter Shwanika Narayan can be reached at email@example.com or (323) 556-8351. Follow her on Twitter @shwanika.