SBA Business Recovery Center offering Big Sur businesses relief after Highway 1 closure
BIG SUR, Calif. (KION-TV) -- UPDATE ON MAY 22, 2024 AT 10:15 AM- Businesses along the Big Sur Coast getting additional help after the small business administration announced the opening of a recovery center in the area.
Kurt Mayor owns the Big Sur Deli and is one of multiple business owners seeking help from the small business administration.
He was also one of the first in line.
"So I said hey, I said my the first one, they go, yep. You're the first one. I go, all right," said Kurt Mayor owner of Big Sur Deli.
He says he's been feeling impacts since the closures down south, so the closure to the north was another hit.
"The closing, the north end also on top of it, you know, really puts a dent and everything. And then you have to lay off people and, and wait for everything to get fixed," said Mayor.
Kurt was able to get a loan from the small business administration and receive help and advice from the people there.
"When businesses come in, we look at their credit history and their repayment ability. The loans are very low interest for the businesses. They're 4%. And for the nonprofits, they're 3.25%," said Kevin Wynne, PIO for SBA.
Located at the Big Sur multi-agency facility conference room, Kevin Wynn with SBA says 5-7 businesses stopped by on the first day.
"They're really just there to help you pay the bills, keep the lights on, keep your employees most of all employed," said Wynne.
Wynn says even if businesses may not think they lost profit during the closures -- the sba looks at previous tax returns to see if there was any profit loss.
"But the key thing is to apply and have loan officers can help you determine whether you've suffered an economic injury in some of these businesses may not even know yet," said Wynne.
Original Story
The SBA services will have representatives who are available to meet with each business owner independently, in addition to the facility being open without appointment--although businesses are encouraged to set up an appointment--and free of charge.
“Due to the economic losses inflicted on California businesses, we want to provide every available service to help get them back on their feet,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “The center will provide a one-stop location for businesses to access a variety of specialized help."
The Business Recovery Center Big Sur Multi-Agency Facility Conference Room is located at 47555 Highway 1 in Big Sur and will be open at 8 am through 5 pm May 21 to 23. Additionally, the institution is offering virtual assistance from Monday through Friday, 8 am until 4:30 pm by visiting FOCWAssistance@sba.gov.
Businesses seeking recovery assistance can contact the SBDC by emailing ucmsbdc@UCMerced.edu or calling (209) 228-3506.
These services are in place to offer operation assistance, disaster effect resolutions and future planning to Big Sur businesses.
"Services include assessing business working capital needs, evaluating the business’s strength, cash flow projections, and most importantly, a review of options with the business owner to help them evaluate their alternatives and make decisions that are appropriate for their situation," wrote SBA of Monterey County in a press release.
In addition to this, the organization is offering Economic Injury Disaster Loans up to $2 million to small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size.
The loans on offer are to help businesses pay fixed debts, payroll, accounts payable and other bills that might not have been paid because of the disaster’s impact.
The disaster's financial impact on an institution is the only eligibility standard and does not include physical property damage. Said disaster loans will have a 4% interest rate for small businesses and a 3.25% rate for private nonprofit organizations up to 30 years. Both interest rates and loan repayment begin 12 months from disbursement.
The deadline to apply for economic injury is February 10, 2025.
Interested applicants can visit SBA.gov/disaster to apply online, call the SBA at 800.659.2955 or email disastercustomerservice@sba.gov. For deaf, hard of hearing, or speech disability applicants, please dial 7-1-1 to access telecommunications relay services.
