header image

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

Inside
Weather


 
Calendar
Today in
S.C.V. History
November 8
1977 - Castaic residents vote 168-54 to withdraw 7th-8th grades from Hart District, making CUSD K-8 [story]
vote tally


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
LOCAL NEWS HEADLINES
Thursday, Nov 7, 2024
UPDATE: Local Election Results as of Thursday Evening
The close race for Santa Clarita City Council shows Patsy Ayala increasing her slim lead from yesterday over Tim Burkhart by 96 votes at the close of business Thursday, 3,469 to 3,376
Thursday, Nov 7, 2024
Nov. 21: Salt Creek Grille, Veteran Services Collaborative Host Fundraiser
The Santa Clarita Veteran Services Collaborative has announced the "Bringing it Home" fundraiser, an exclusive wine and hors d'oeuvre event hosted by Salt Creek Grille, will be held Thursday, Nov. 21.
Thursday, Nov 7, 2024
USPS Announces Holiday Mailing, Shipping Dates
The U.S. Postal Service announced its recommended mailing and shipping dates for holiday mail and packages. The following are recommended send-by dates for expected delivery before Dec. 25.
Keep Up With Our Facebook

Latest Additions to SCVNews.com
1977 - Castaic residents vote 168-54 to withdraw 7th-8th grades from Hart District, making CUSD K-8 [story]
vote tally
The close race for Santa Clarita City Council shows Patsy Ayala increasing her slim lead from yesterday over Tim Burkhart by 96 votes at the close of business Thursday, 3,469 to 3,376
UPDATE: Local Election Results as of Thursday Evening
The Child & Family Center has announced its Merry Mocktail Winter Wonderland Event Monday, Dec. 2, from 5-7 p.m. at 21545 Centre Pointe Parkway, Santa Clarita, CA 91350.
Dec. 2: Merry Mocktail Winter Wonderland Event
All For Kids is celebrating National Adoption Month by seeking foster families and now offers two virtual ways for individuals and/or couples to learn how to help children in foster care while reunifying with birth families or how to provide legal permanency by adoption.
Nov. 21: All For Kids Offering Virtual Orientations for National Adoption Month
Did you know that our local Santa Clarita Public Library offers passport acceptance services? Whether you’re planning a vacation, studying abroad or reconnecting with family, the Santa Clarita Public Library is here to support your journey.
Jason Gibbs | Get Your Passport at the Santa Clarita Public Library
Parents and caregivers are invited to Empowered Families Workshops hosted by the Child & Family Center’s Prevention and Outreach team in collaboration with First Presbyterian Church of Newhall beginning 2-3:30 p.m. Sunday, Nov. 10 with a workshop on Social Media and mental health.
Nov. 10: Child & Family Center, First Presbyterian Church Collab for Workshops
Samuel Dixon Family Health Center, Inc. has announced that it was awarded a $1.1 million grant from the Department of Health and Human Services Health Resources and Services Administration to add new services that will include substance use disorder treatment programs.
Samuel Dixon Awarded 1.1 Million Grant for SUD Program
The American Cancer Society Relay for Life of Santa Clarita Valley will host its annual holiday boutique fundraiser, 10 a.m.-3 p.m. Saturday, Nov. 23, at Santa Clarita United Methodist Church
Nov. 23: ACS Relay for Life SCV Holiday Boutique
The Santa Clarita Veteran Services Collaborative has announced the "Bringing it Home" fundraiser, an exclusive wine and hors d'oeuvre event hosted by Salt Creek Grille, will be held Thursday, Nov. 21.
Nov. 21: Salt Creek Grille, Veteran Services Collaborative Host Fundraiser
The U.S. Postal Service announced its recommended mailing and shipping dates for holiday mail and packages. The following are recommended send-by dates for expected delivery before Dec. 25.
USPS Announces Holiday Mailing, Shipping Dates
1940 - William S. Hart deeds land for theater at Spruce & 11th Street to American Legion [story]
American Theater
Due to projected power shutoffs related to the current wind advisory, the Child & Family Center’s Centre Pointe Pkwy location, will be closed for in-person services beginning 5 pm Wednesday
Child & Family Center’s Centre Pointe Pkwy Location Closes Due to Power Shutoffs
Beginning Wednesday, November 13, crews will begin the construction of median modifications, paving, grinding and overlay operations along portions of McBean Parkway at Newhall Ranch Road.
Upcoming Lane Closures on McBean Parkway and Newhall Ranch Road
The California Highway Patrol is proud to announce it received a $350,000 grant to address the growing issue of distracted driving on California roads.  
CHP Receives Grant to Combat Adult Distracted Driving in California
The Los Angeles County Economic Development Corporation has once again recognized the city of Santa Clarita as a finalist for the prestigious 2024 "Most Business-Friendly City" award in the category of large cities (population over 60,000).
City of Santa Clarita Named 2024 Most Business-Friendly City Finalist
The County of Los Angeles is experiencing critical fire weather and is under a Particularly Dangerous Situation Red Flag advisory from now until Friday evening. .
Animal Care and Control Urges Emergency Pet Preparedness
The city of Santa Clarita is pleased to announce the release of the 2025-2026 Notice of Funding Availability and has scheduled informational meetings for organizations interested in applying for 2025-2026 Community Development Block Grant funding.
Santa Clarita Non-Profits Invited to Apply for 2025-2026 Funding Cycle
California State University, Northridge’s CSUN-al Gardening series returns this month just in time to prepare for fall planting.
CSUN-al Garden Class to Get Ready for Fall Planting
The Los Angeles County Board of Supervisors unanimously approved a motion introduced by Supervisor Kathryn Barger and co-authored by Board Chair Lindsey P. Horvath
Supes Support Expansion of Tax Credit Program for Entertainment Sector
Local educational performing arts charity Mission Opera, together with Oksana Foundation and Bella Cucina Italian Restaurant, is excited to announce “Bella Notte,” a new monthly event starting this Fall that blends the worlds of Italian fine dining, live opera, and community support.
Nov. 23: “Bella Notte” Italian Night Comes to Santa Clarita
For the fourth year in a row, California State University, Northridge has been named a Fulbright HSI Leader by the U.S. Department of State’s Bureau of Educational and Cultural Affairs.
CSUN Named a Fulbright HSI Leader For a Fourth Year in a Row
Thompson Von Tungeln Trust and Estate Lawyers will host a free successor trustee training workshop on Saturday, Nov. 9, from 10 a.m. to noon at the Hyatt Regency Valencia, 24500 Town Center Drive, Valencia, Calif. 91355.
Nov. 9: Free Successor Trustee Training Workshop
No. 12 College of the Canyons football scored 24 points, highlighted by a 95-yard kickoff return from sophomore Da'Marrie Smith, in what turned out to be a decisive second quarter to outlast visiting Moorpark College 27-21 on Saturday, Nov. 2 at Cougar Stadium.
No. 12 Canyons Outlasts Moorpark College 27-21
SCVNews.com