Sacramento, CA – Mother Lode businesses affected by the Rim Fire have less than a month to apply for a federal loan. The deadline to apply for a U. S. Small Business Administration (SBA) low-interest working capital disaster loan is June 26.
SBA Sacramento Director Carlos G. Mendoza says, “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. The interest rates are 4% for small businesses and nearly 2.9% for private, nonprofit organizations, with terms up to 30 years. The loans are restricted to small businesses without the financial ability to offset the adverse impact from the fire without hardship.
Counties eligible to apply for the loans include Tuolumne, Mariposa, Calaveras, Alpine and Mono.