Disaster Loan Outreach Center to open for Monterey County residents

SALINAS, Calif. (KION-TV)- The Small Business Administration announced they would open a loan center in Salinas beginning Tuesday.

This Disaster Loan Outreach Center will be located at 1441 Schilling Place at the Monterey County Government Center. It will be open Monday through Friday from 9 a.m. to 5 p.m.

This is meant to help businesses and residents who were affected by the winter storms from Dec. 27, 2022, to Jan. 31, 2023. No appointments are needed, according to the SBA.

“SBA customer service representatives will be on hand at the following center to answer questions about SBA’s disaster loan program, explain the application process, and help each individual complete their electronic loan application,” said Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to help with repairs to real estate, machinery and equipment, inventory, and other business assets. "SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future," said the SBA.

Homeowners can also apply got loans of up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners can also receive $400,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.305 percent for businesses, 2.375 percent for private nonprofit organizations and 2.313 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

SBA

To be considered for all forms of disaster assistance, survivors have to register here.