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Congressman Mike Thompson

Representing the 5th District of CALIFORNIA

Lake County News: Thompson announces low-interest SBA loans to assist businesses, residents impacted by Valley Fire

Sep 23, 2015
News Articles
Lake County News Editorial

LAKE COUNTY, Calif. – U.S. Rep. Mike Thompson (CA-5) on Wednesday announced that low-interest Small Business Administration (SBA) loans are now available to help businesses and residents impacted by the Valley fire.

“Getting businesses back up and running is a big step towards getting our community back up and running,” said Thompson. “These low-interest loans will help businesses repair and reopen so people can return to work. Low-interest loans are also available to homeowners to help repair real estate. I commend President Obama and the SBA for their swift action. These loans will go a long way towards helping families get back on their feet.”

Businesses and 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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available to businesses regardless of 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 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.875 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at (800) 621-FEMA (3362). 

As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

Thompson represents California’s Fifth Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma counties.