[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
68°F
 
Calendar
Today in
S.C.V. History
October 18
1876 - Southern Pacific begins subdividing town of Newhall (original location at Bouquet Junction) [story]


California residents and business owners affected by the Powerhouse Fire that occurred in Los Angeles County May 30 to June 11, 2013 are being provided low-interest federal disaster loans by the  U.S. Small Business Administration.  Under its’ own authority , SBA acted to declare a disater in response to a request recieved from Governor Edmund G. Brown’s representative, Mark Ghilarducci, Secreatary of the California Emergency Management Agency on June 20.  The declaration makes SBA assistance avaiable in Los Angeles County , Kern, Orange, San Bernardino and Ventura.

“The U. S. Small Business Administration is strongly committed to providing California with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said SBA Administrator Karen G. Mills.  “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

sba-logo“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by this disaster,” said SBA’s Los Angeles District Director Victor Parker.  “Beginning Wednesday, June 26 at 8 am SBA representatives will be on hand at the following Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, and help each individual complete their application,” Parker continued.  The center will be open on the days and times indicated.  No appointment is necessary.

 

Los Angeles County Disaster Loan Outreach Center

Hughes-Elizabeth Lakes Union Elementary School District

16633 Elizabeth Lake Road

Lake Hughes, CA 93532

Opens Wednesday, June 26 at 8 am

Hours:  8 am – 4:30 pm

Monday thru Friday

Closed for Independence Day Holiday, Thursday July 4

The center will close on Thursday, July 11 at 4:30 pm

 

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.

Businesses of any size and private, 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 homeowners and businesses to help with the cost of making improvements that 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 regardless of whether the business suffered any property damage.

Interest rates can be as low as 1.875 percent for homeowners and renters, 2.875 percent for private, nonprofit organizations, and 4 percent for businesses, with terms up to 30 years.  Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing disastercustomerservice@sba.govor visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance.  Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

The filing deadline to return applications for property damage is August 26, 2013.  The deadline to return economic injury applications is March 25, 2014.

What Types of Disaster Loans are Available?

Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged  real estate or personal property owned by the victim.  Renters are eligible for their personal property losses, including automobiles.

Business Physical Disaster Loans – Loans to businesses to repair or replace  disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.  Businesses of any size are eligible.  Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.

Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their  ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.  These loans are intended to assist through the disaster recovery period.  EIDL assistance is available only entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration (SBA).

What are the Credit Requirements?

Credit History – Applicants must have a credit history acceptable to SBA.

Repayment – Applicants must show the ability to repay all loans.

Collateral – Collateral is required for physical loss loans over $14,000 and all EIDL loans over $5,000.  SBA takes real estate as collateral when it is available.  SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.

What are the Interest Rates?

By law,  the interest rates depend on whether each applicant has Credit Available Elsewhere.  An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery.  An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere.  Interest rates are fixed for the term of the loan.  The interest rates applicable for this disaster are:

No Credit Available Credit Available Elsewhere

Home Loans 1.875% 3.750%

Business Loans 4.000% 6.000%

Non-Profit Organization Loans 2.875% 2.875%

Economic Injury Loans

  Businesses and Small Agricultural Cooperatives 4.000% N/A

  Non-Profit Organizations 2.875% N/A

What are Loan Terms?

The law authorizes loan terms up to a maximum of 30 years.  However, the law restricts businesses with credit available elsewhere to a maximum 7-year term.  SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to repay.

What are the Loan Amount Limits?

Home Loans – SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property.  Subject to these maximums, loan amounts cannot exceed the verified uninsured disaster loss.

Business Loans – The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses.  Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss.

Economic Injury Disaster Loans (EIDL) – The law limits EIDL(s) to $2,000,000 for alleviating economic injury caused by the disaster.  The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit.  SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates.

Business Loan Ceiling – The $2,000,000 statutory limit for business loans applies to the combination of  physical, economic injury, mitigation and refinancing,  and applies to all disaster loans to a business and its affiliates for each disaster.  If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.

What Restrictions are there on Loan Eligibility?

Uninsured Losses – Only uninsured or otherwise uncompensated disaster losses are eligible.  Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility.  However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility.

Ineligible Property – Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes.  Property such as antiques and collections are eligible only to the extent of their functional value.  Amounts for landscaping, swimming pools, etc., are limited.

Noncompliance – Applicants who have not complied with the terms of previous SBA loans are not eligible.

This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA or Federally insured loans.

Is There Help with Funding Mitigation Improvements?

If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage.  Examples of improvements include retaining walls, seawalls, sump pumps, etc.  Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20 percent of total amount of disaster damage to  real estate and/or leasehold improvements, as verified by SBA to a maximum of $200,000 for home loans.  It is not necessary for the description of improvements and cost estimates to be submitted with the application.  SBA approval of the mitigating measures will be required before any loan increase.

Is There Help Available for Refinancing?

SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property), and (3) intends to repair the damage.

Homes – Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, in some cases up to the amount of the loan for real estate repair or replacement.

Businesses – Business owners may be eligible for the refinancing of existing mortgages or liens on real estate, machinery and equipment, in some cases up to the amount of the loan for the repair or replacement of real estate, machinery, and equipment.

What if I Decide to Relocate?

You may use your SBA disaster loan to relocate.  The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily.  If you are interested in relocation, an SBA representative can provide you with more details on your specific situation.

Are There Insurance Requirements for Loans?

To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance.  By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance for the full insurable value of the property for the life of the loan.

For more information, contact SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at  www.sba.gov.  Deaf and hard-of-hearing individuals may call (800) 877-8339.   Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


SCV NewsBreak
Loading...
LOCAL NEWS HEADLINES
Wednesday, Oct 18, 2017
Woman Charged with Manslaughter, DUI in Death of Mother of 6
Alexia Cina of Canyon Country was arrested Wednesday in connection with the death of a mother of six children in a head-on crash on Golden Valley Road on October 6.
Wednesday, Oct 18, 2017
SCV Sheriff’s Deputy Dmitry Barkon Earns Medal of Valor
The Los Angeles Sheriff's Department's 2017 Medal of Valor Awards were held Tuesday in Los Angeles, and SCV Sheriff's Station Deputy Dmitry Barkon was recognized for his bravery and heroic actions.
Wednesday, Oct 18, 2017
SCV Deputies Catch Window-Smash Burglars in the Act
Santa Clarita Valley Sheriff's Station deputies interrupted a smash-and-grab burglary on The Old Road early Friday morning, arresting one suspect and seeking two alleged accomplices still at large.
Keep Up With Our Facebook

Latest Additions to SCVNews.com
The fall 2017 Star Party at College of the Canyons' Canyon Country campus on Friday, Oct. 27 will focus on the pathways to space exploration that exist for star-gazers who are captivated by the many mysteries of the universe.
Oct. 27: Star Party at COC Canyon Country Campus
Determined to transform the deeply troubled Los Angeles County Probation Department, the Board of Supervisors Tuesday voted unanimously to consider an independent entity that would provide guidance, oversight and accountability.
Supes Consider Entity for Probation Reform Guidance, Oversight, Accountability
Alexia Cina of Canyon Country was arrested Wednesday in connection with the death of a mother of six children in a head-on crash on Golden Valley Road on October 6.
Woman Charged with Manslaughter, DUI in Death of Mother of 6
The 22nd annual Santa Clarita Marathon is scheduled for Sunday, November 5, 2017, following the Santa Clarita Health and Fitness Expo on Saturday.
Nov. 4-5: 22nd Annual Santa Clarita Marathon Events
The Los Angeles Dodgers jumped to a 3-0 lead in the best of seven series following Tuesday night’s 6-1 victory over the Chicago Cubs in Game 3 of the NLCS at Wrigley Field.
Dodgers Out to Sweep Cubs in NLCS Game 4
The Los Angeles Sheriff's Department's 2017 Medal of Valor Awards were held Tuesday in Los Angeles, and SCV Sheriff's Station Deputy Dmitry Barkon was recognized for his bravery and heroic actions.
SCV Sheriff’s Deputy Dmitry Barkon Earns Medal of Valor
Now is the time for all good college-bound high school seniors to join the 'Race to Submit' applications for FAFSA and CADAA grants to help cover college expenses.
High School Seniors: ‘Race to Submit’ is on for 2018 College Financial Aid
Santa Clarita Valley Sheriff's Station deputies interrupted a smash-and-grab burglary on The Old Road early Friday morning, arresting one suspect and seeking two alleged accomplices still at large.
SCV Deputies Catch Window-Smash Burglars in the Act
Pukúu Cultural Community Services, founded in 1971 by members of the local Fernandeno-Tataviam Band of Mission Indians, will host its 13th Annual scholarship gala fundraiser, "Night with the Stars," in Sunland on Saturday, November 4 starting at 6 p.m.
Nov. 4: Local Tribe Honors 3, Celebrates Native American Heritage Month
California's Attorney General today filed a motion to compel the federal government to follow the law and pay the subsidies that millions of Americans rely on to lower the out-of-pocket costs in their insurance plans.
California AG Fights to Keep ACA Cost-Sharing Subsidies
Santa Clarita business owners are encouraged to take the city's broadband feasibility study online survey and participate in the next phase of the study -- in-person focus groups scheduled for October 30.
Oct. 30: Focus Groups in Next Phase of City Broadband Study
The $17 billion "California WaterFix" project reached a tipping point Tuesday after a Silicon Valley water district voted against Gov. Jerry Brown’s approach in favor of a less expensive, scaled-back version.
Silicon Valley Water Board Wants Delta Tunnels Downsized
Maryama, a band led by CalArts alumna Maryama Mirbagheri (Music MFA 17), was recently nominated for a 2017 Hollywood Music in Media Award in the World Music category.
Maryama Nominated for Hollywood Music in Media Award
The California Community Colleges Chancellor’s Office, in response to President Trump’s recent decision to rescind the Deferred Action for Childhood Arrivals program, has declared Oct. 16-20 "DACA Advocacy Week."
California Community Colleges Ramp Up DACA Advocacy
COC and the Hart District will host the 2017 College & Career Fair in the college’s Honor Grove on Saturday, Oct. 21 from 9 a.m. to noon.
Oct. 21: 2017 College and Career Fair at COC
The College of the Canyons Art Gallery will showcase the work of Los Angeles-based painter Sheldon Figoten in a one-person exhibition of new paintings, “Light Fields,” opening Saturday, Oct. 28.
Oct. 28: Sheldon Figoten ‘Light Fields’ at COC Art Gallery
The Santa Clarita Artists Association held its 28th Annual Art Classic fine arts competition at William S. Hart Park's Hart Hall in Newhall on October 14.
Santa Clarita Artists Association Names Winners in 2017 Art Classic
Here is the Castaic-Val Verde Crime Information & Public Safety report from the Santa Clarita Valley Sheriff's Station for September 25 through October 1.
Crime Blotter: Arson, Burglary, Theft in Castaic-Val Verde
California and New Mexico launched a fresh challenge Tuesday against the Trump administration’s repeal of higher royalty payments to states for oil, gas and coal leases on public lands.
California, New Mexico Challenge White House Favors to Oil, Gas, Coal
Here is the Stevenson Ranch (Zone 3) Crime Information & Public Safety report from the Santa Clarita Valley Sheriff's Station for the week of October 2 to October 8.
Crime Blotter: Burglary, Petty Theft in Stevenson Ranch
Here is the Canyon Country East (Zone 8) Crime Information and Public Safety report from the Santa Clarita Valley Sheriff's Station for September 24 through October 8, 2017.
Crime Blotter: Vehicle Theft, Burglary in Canyon Country East
1876 - Southern Pacific begins subdividing town of Newhall (original location at Bouquet Junction) [story]
CalArts Center for New Performance (CNP), the professional producing arm of California Institute of the Arts, opens Fantômas: Revenge of the Image at Wuzhen Theatre Festival in Wuzhen, China, on Oct. 19.
Oct. 19: CalArts’ Fantomas: Revenge of the Image Premieres in China
The CSUN women's golf team fired rounds of 306-309 and is in fourth place, just eight shots off the pace at the Pat Lesser Harbottle Seattle University Invitational at the Tacoma Country and Golf Club in Tacoma, WA.
CSUN Just Eight Shots Off Pace At Washington Invitational
Tonight on SCV NewsBreak, Recreation, Community Services, Arts and Open Spaces Director Rick Gould announces retirement. Plus, the Board of Supervisors approve mental health care improvements. Check out these stories and more tonight on SCV NewsBreak.
SCV NewsBreak for Tuesday, October 17, 2017
The Advanced Technology Presentation about "Careers in the Making...Design, Engineering, Fabrication and More..." in celebration of National Manufacturing Day was a huge success.
SCV Students Gain Knowledge, Advice at National Manufacturing Day
A local company is expanding its footprint in the Santa Clarita Valley to accommodate business growth and another is relocating a division of its company from Sylmar.
Accurate Freight Systems Expands, Leases Space at IAC Commerce Center
The Domestic Violence Center (DVC) of Santa Clarita Valley is accepting applications for Adopt-a-Family 2017.
DVC of SCV Currently Accepting Adopt-a-Family 2017 Applications
Major Impact Theater, founded by Jill Garson and Shawnda Davis in 2014, is a non-profit theater group that specially adapts plays for performance by adults with disabilities in the Santa Clarita Valley.
Nov. 4: Major Impact Theater Presents Blunderland
California State University, Northridge will make history on Thursday, Oct. 26, by becoming the first California State University with a Sustainability Center.
Oct. 26: CSUN to Open Sustainability Center
Registration for the Purple Walk of Strength is now open.
Oct. 21: Purple Walk of Strength to Benefit Domestic Violence Center
Raising a child is a demanding job for any parent, especially when supportive resources seem to be elusive or nonexistent.
Oct. 22: CSUN Hosts Special Needs Resource Fair
College of the Canyons dominated its match vs. Bakersfield College from start to finish on Friday night, resulting in a 5-1 victory over the Renegades for the Cougars' first conference win of the season.
COC Gets First Conference Win of Season Against Bakersfield College
RIVERSIDE, Calif. — Following a two-week layoff, College of the Canyons cross country was back in competition on Saturday, running with a mix of community college and Division I programs at the Sixth Annual UC Riverside Highlander Invitational.
COC Cross Country Back in Competition After Two Week Layoff
The race to qualify for the Big West Conference Men's Soccer Tournament continues for CSUN this week with a home match against UC Riverside Wednesday night before the Matadors head to UC Irvine Saturday.
Oct. 18: CSUN Faces Off Against UC Riverside