SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the relocation of its Santa Monica Business Recovery Center (BRC) from the Santa Monica Chamber of Commerce to the Santa Monica Public Library, beginning Tuesday, April 1, at 10 a.m.
SBA opened the BRC to provide personalized assistance to Santa Monica businesses affected by the wildfires beginning Jan. 7.
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The Santa Monica Chamber of Commerce BRC will close Monday, March 31. The Santa Monica Public Library BRC will open Tuesday, April 1, with locations and hours of operation as indicated below.
LOS ANGELES COUNTY
Business Recovery Center
Santa Monica Chamber of Commerce
2525 Main St., Ste. 103
Santa Monica, CA 90405
Closes 5 p.m. Monday, March 31
Monday, 9 a.m. - 5 p.m.
LOS ANGELES COUNTY
Business Recovery Center
Santa Monica Public Library
Courtyard Café
601 Santa Monica Blvd.
Santa Monica, CA 90401
Opens 10 a.m. Tuesday, April 1
Mondays - Wednesdays, 10 a.m. - 6 p.m.
Businesses and PNPs are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.
SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP)organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Applicants may call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.
The deadline to return physical damage applications is Mar. 31. The deadline to return economic injury applications is Oct. 8.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.