Loans For Rim Fire Losses
Sacramento, CA – There is financial help for Mother Lode businesses impacted by the Rim Fire. The U. S. Small Business Administration (SBA) is offering low-interest working capital federal disaster loans to small businesses hit hard by the Rim Fire. Eligibility is based on the financial impact of the disaster only and not on any actual property damage. Tuolumne County Economic Development Authority Director Larry Cope says it will help businesses survive.
“What this does is give businesses some working capital to get through this fall and spring. It takes that work capital and spreads it over a five or seven year time frame to pay that back.” says Cope.
The interest rates are 4 percent for small businesses and 2.875 percent 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.
“Eligibility will be laid out by SBA as they sit down with each business, one on one. They are going to be looking at what assists the business has, what dollar amount they need, what’s the repaying ability of the loan and stuff like that.”
SBA customer service representatives will be on hand to aid small businesses in the process and answer questions at these locations:
Groveland Youth Center
18950 Highway 120
(next to Groveland Library)
Groveland, CA 95321
Open: Tues., Oct., 1, Wed., Oct., 2,
Mon., Oct. 7 & Tues. Oct., 8
Hours: 8 am to 3 pm
Red Cloud Library
6386 Greeley Hill Road
Coulterville, CA 95311
Open: Thurs., Oct. 3, Fri., Oct. 4,
Wed., Oct. 9 & Thurs., Oct. 10
Hours: 9 am to 6 pm
Lee Vining Community Center
296 Mattley Avenue
Lee Vining, CA 93541
Open: Tues. Oct., 1 & Wed. Oct. 2
Hours: 9 am to 6 pm
You can apply online by clicking here or by calling SBA’s Customer Service Center at (800) 659-2955 or e-mailing email@example.com.
The deadline to apply is June 26, 2014.