Loans Available for Flood Victims

Starting today, customer service representatives with the Small Business Administration will be on hand to help victims of December's floods apply for federal loans.

The administration announced last week that it's offering low-interest federal disaster loans to Orange County residents, business owners and others throughout California who were affected by the severe rainstorms that caused floods and landslides between Dec. 17 and Jan. 4.

The representatives will issue loan applications, answer questions about the disaster loan program, explain the application process and help applicants complete the paperwork.

A press release states that 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.

Interest rates can be as low as 2.25 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years.

Disaster loan information and application forms are available at sba.gov/services/disasterassistance. Applications for property damage loans is April 4. The deadline to return economic-injury applications is Nov. 2. 

Centers will be open at the following locations, days and times (appointments are not necessary):

Disaster Loan Outreach Center
Orange County Fire Authority
1 Fire Authority Rd.
Irvine 92602

Mondays through Wednesdays
8 a.m.-4:30 p.m.
Opens Tuesday, Feb. 8

Disaster Loan Outreach Center
Laguna Beach Chamber of Commerce
357 Glenneyre St.
Laguna Beach 92651

Thursdays and Fridays
9 a.m.-5:30 p.m.
Opens Thursday, Feb. 10