As wildfires devastate Southern California, the U.S. Small Business Administration (SBA) is providing emergency loans to residents, businesses, and nonprofits facing financial hardship. Many individuals and businesses lack sufficient insurance coverage, making these loans crucial for rebuilding and recovery.
As wildfires continue to burn around Southern California, thousands of business owners, homeowners and renters are confronting the daunting challenge of rebuilding from the ashes. For some number of them, the road ahead will be all the more difficult because they didn't have any or enough insurance to cover their losses. For them, the U.S. Small Business Administration is a possible lifeline.
People can apply online and loans must be repaid within 30 years. Renters can receive up to $100,000 in assistance, homeowners up to $500,000 and businesses up to $2 million, according to Guzman. Homeowners and renters who cannot get access to credit elsewhere can qualify for loans with a interest rate of 2.5%. The SBA determines an applicant has no credit available elsewhere if they do not have other funds to pay for disaster recovery and cannot borrow from nongovernment sources.
WILDFIRES CALIFORNIA SBA LOANS INSURANCE
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