LOS ANGELES : Deadline to Apply for Post-Riot Aid Nears
Small businesses damaged in last spring’s riots have less than two weeks left to apply for disaster assistance aid from the Small Business Administration, the agency’s district director said Wednesday.
Business owners must return their applications for loan assistance from the SBA by Feb. 2. “Small businesses in Los Angeles County and the contiguous counties of Kern, Orange, San Bernardino and Ventura which suffered adverse financial impact due to the civil unrest are eligible to apply for SBA’s economic injury disaster loans,” said Michael Lee, an SBA district director.
“These low-interest working capital loans may be used to help businesses meet obligations which would have been met had the disaster not occurred,” he said. The maximum loan amount is $500,000 and the interest rate on the loans is 4%.
The SBA has given out more than $170 million to individuals and businesses affected by the riots. More than 5,000 loans--totaling $305 million--have been approved, Lee said.
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