Laguna Beach residents and businesses that sustained damages during the Dec. 22 flood can now apply for low-interest federal loans, the U.S. Small Business Administration announced this evening.
"Getting our businesses and communities up and running after a disaster is our highest priority at SBA," said SBA Administrator Karen G. Mills.
Loans of up to $200,000 will be available for homeowners to repair or replace lost or damaged real estate. Loans up to $40,000 will be available for homeowners and renters to repair or replace personal property. Businesses may borrow up to $2 million.
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Interest rates vary, but will be as low as 2.25 percent for residents, with 30-year terms.
This extends the relief package signed by President Obama on Jan. 26, which made loans available only to state and local governments.
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Small Business Administration officials will be at the Laguna Beach Chamber of Commerce (357 Glenneyre St.) on Thursday, Feb. 10, to hand out loan applications and answer questions about the process. Applicants may also apply online at this address: https://disasterloan.sba.gov/ela.
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