SBA Disaster Loan Outreach Center in Bonsall closes Feb. 15

SACRAMENTO – Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West announced Feb. 8 that SBA will close its Bonsall Disaster Loan Outreach Center at 6 p.m. on Thursday, Feb. 15.

"SBA opened the center to provide personalized assistance to California businesses and residents who were affected by the wildfires, flooding, mudflows and debris flows directly related to the wildfires that began Dec. 4, 2017. Until the center closes, 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," said Garfield.

Businesses and residents can meet with SBA representatives at the center in Bonsall Mondays – Fridays, 9 a.m. – 6 p.m. No appointment is necessary. The Disaster Loan Outreach Center is located at the Bonsall Community Center, 31505 Old River Road.

The filing deadline to return applications for property damage is March 16, 2018. The deadline to return economic injury applications is Oct. 15, 2018.

As of Feb. 8, SBA had given out 265 loan applications in San Diego County, 209 for homes and 55 for businesses. The total number of applications received and accepted so far is 71, 64 for homes and seven for businesses. The application process takes four weeks so these numbers will increase as time goes on.

Of those applications received and accepted so far, 26 have been approved and funded, (25 for homes and one for a business), totaling $3,155,800 – $3,102,300 in home loans and $53,500 for the business loan.

Businesses of all sizes 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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.385 percent for businesses, 2.5 percent for private nonprofit organizations and 1.75 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.

Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.