Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Watch Live

Quality of Life

Small Business Administration to shutter January storm disaster loan centers

The entrance to the U.S. Small Business Administration's Business Recovery Center inside the Southwestern College Higher Education Center in National City, Feb. 26, 2024.
Alexander Nguyen
/
KPBS
The entrance to the U.S. Small Business Administration's Business Recovery Center inside the Southwestern College Higher Education Center in National City, Feb. 26, 2024.

The Small Business Administration will officially close the two remaining San Diego and Spring Valley disaster loan outreach centers at 6 p.m. on Thursday, it was announced Monday.

"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."

No appointment is needed to meet with SBA representatives at the sites: the Mountain View Community Center, 641 S Boundary St.; and the Spring Valley Library, 836 Kempton St.

Advertisement

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.

Applicants may 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.