Local News in Brief : U.S. Loans Available for Pier Disaster
For the first time since a series of disasters struck Redondo Beach’s King Harbor this year, public funding has been made available to damaged businesses.
Since January, the harbor has been hit by three major storms and a fire on the Redondo Beach Pier, which together caused $26.5 million in damage.
The federal Small Business Administration has announced that low-interest loans are available for businesses hurt by the January storm and the pier fire in May. The program offers loans up to $500,000 to be repaid within 30 years at 4% interest, said William E. Leggiero Jr., disaster loan specialist for the agency.
Asked how much money will be available, Leggiero said: “As much as is needed.”
To qualify for a low-interest loan, the applicant must prove that the business can repay the loan but could not get a bank loan. The loans can be used to pay salaries, the cost of relocating the business or advertising, Leggiero said, but not for fixed assets such as construction, machinery or inventory.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
