Low-interest disaster loans for individuals and businesses who suffered property losses in the Carlton Complex Fire are still available from the Small Business Administration (SBA), although individuals hoping for a loan have just over two weeks to apply.
The SBA has closed its local office, but is still accepting applications online and by phone for loans up to $200,000 for damaged or destroyed real estate, plus another $40,000 for damaged or personal property. Loans are for property not covered by insurance.
Businesses and nonprofits may borrow up to $2 million to repair or replace damaged property, equipment and inventory. In addition, businesses can apply for loans to help with loss of revenue associated with the disaster, even if the businesses suffered no direct property damage.
SBA also lends money to assist with prevention and protection from future disasters.
SBA disaster loans tend to have easier criteria for qualification than a traditional bank loan, with interest rates as low as 2.188 percent for homeowners and renters, 2.625 percent for nonprofit organizations, and 4 percent for businesses.
For more information or to apply, call SBA’s customer service center at (800) 659-2955, email firstname.lastname@example.org, or visit SBA’s website at www.sba.gov/disaster. To apply online, go to https://disasterloan.sba.gov/ela.
The filing deadline for property damage is Nov. 28. The deadline for economic-injury applications (i.e., loss of business income) is June 29, 2015.