SBA Opens Disaster Loans for East Oakland Apartment Fire: Up to $2 Million for Businesses Across Seven California Counties
The U.S. Small Business Administration (SBA) announced on November 4 that low-interest federal disaster loans are available to California businesses, private nonprofits and residents to offset physical and economic losses from the East Oakland Apartment Fire, which occurred on September 25. The SBA issued the disaster declaration in response to an October 23 request from Caroline Thomas Jacobs, Director of the California Governor's Office of Emergency Services. The declaration covers seven California counties: Alameda, Contra Costa, San Francisco, San Joaquin, San Mateo, Santa Clara and Stanislaus.
Businesses and nonprofits may apply for physical disaster loans of up to $2 million to repair or replace disaster-damaged real estate, machinery and equipment, inventory and other business assets. Homeowners and renters may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars and appliances, and homeowners may apply for up to $500,000 to repair or replace their primary residence. Applicants may also be eligible for a loan increase of up to 20 percent of their verified physical damage for mitigation, including strengthening structures against fire damage, upgrading to wind-rated garage doors, and installing a safe room or storm shelter.
Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations, hit by financial losses directly related to the fire, even if they suffered no physical damage. The working-capital loans can pay fixed debts, payroll, accounts payable and other bills; agricultural producers, farmers and ranchers are not eligible, except for aquaculture enterprises.
Interest rates are as low as 4 percent for businesses, 3.625 percent for nonprofits and 3 percent for homeowners and renters, with terms of up to 30 years. Interest does not accrue and payments are not due until 12 months after the first disbursement, and the SBA sets amounts and terms based on each applicant's financial condition.
"When disasters strike, SBA's Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities," said Chris Stallings, Associate Administrator of the SBA's Office of Disaster Recovery. "At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery." The Oakland outreach center opened at noon on Wednesday, November 4, at the Melrose Branch of the Oakland Public Library, 4805 Foothills Blvd., Oakland, CA 94601. Its hours are Monday and Thursday, 10 a.m. to 5:30 p.m.; Tuesday and Wednesday, 10 a.m. to 6:30 p.m.; and Friday, noon to 5:30 p.m. It will be closed on November 11 for Veterans Day and closes on Friday, November 20, at 5:30 p.m. Walk-ins are welcome and appointments can be scheduled in advance.
The deadline to return physical damage applications is December 28, and the deadline for economic injury applications is July 27, 2027. Applicants can apply online through the SBA disaster assistance page, call (866) SBA-HELP, or email [email protected]. People who are deaf, hard of hearing or have a speech disability can dial 7-1-1 for telecommunications relay services.
Apply: SBA disaster loan application
Source: U.S. Small Business Administration
Published by GSM · USA (original Chinese edition)
Photo: 图：加州 Oakland 市区与海湾大桥夜景。本次小企业局灾难贷款外展中心设在 Oakland 公共图书馆 Melrose 分馆。Basil D 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: Downtown Oakland, California, and the Bay Bridge at night. SBA's Disaster Loan Outreach Center for this declaration is at the Oakland Public Library's Melrose Branch. Photo by Basil D, CC BY-SA 3.0, via Wikimedia Commons.
