The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to small businesses in California that were economically impacted by the Lake Fire, which occurred from July 5 to August 4.
This announcement was made following a request from the California Governor’s Office of Emergency Services on behalf of Governor Gavin Newsom. The disaster declaration includes the counties of Kern, San Luis Obispo, Santa Barbara, and Ventura.
The SBA will offer loans up to $2 million for businesses to meet working capital needs caused by the disaster. These loans can be used to cover essential expenses such as fixed debts, payroll, and accounts payable.
Virtual Business Recovery Center
SBA customer service representatives will be available at the Virtual Business Recovery Center to assist small businesses in understanding the application process for disaster loans. No appointment is necessary.
Monday – Friday
8:00 a.m. – 4:30 p.m.
Email: [email protected]
Phone: (916) 735-1501
Opens Monday, Sept. 9
Interest rates are set at 4% for small businesses and 3.25% for nonprofit organizations, with terms up to 30 years. Interest will not begin to accrue until 12 months from the first loan disbursement. Repayment also begins after 12 months.
Small businesses can apply online at SBA.gov/disaster and receive further information by contacting SBA’s Customer Service Center at (800) 659-2955 or emailing [email protected].
The deadline to apply for economic injury loans is June 6, 2025.
This article, “SBA Offers Disaster Assistance to California Small Businesses Impacted by Lake Fire” was first published on Small Business Trends