SIMI VALLEY : Deadline Extended for Repair Loans
Small-business owners in Simi Valley whose property was damaged in the Jan. 17 earthquake have three extra months to seek city loans for repairs.
The city has extended the deadline from the end of the year to March 31 to allow businesses extra time to apply for as much as $2,500 in interest-free loans.
The loan program was approved by the City Council to help businesses with fewer than 20 employees whose quake damages are not covered by the Small Business Administration or the Federal Emergency Management Agency.
So far the city has received 14 applications and awarded $15,000 in loans, said Mark Oyler, Simi Valley’s earthquake recovery rehabilitation coordinator. About $60,000 in loan money is still available.
“Many businesses in town are just now getting their determination from FEMA or SBA on whether they will get loans,” Oyler said. “If all the repairs are not covered, that doesn’t leave much time to apply to the city to make up the difference.”
Business owners do not need to wait for a decision from FEMA and the SBA in order to apply for a city loan, Oyler said.
For more information, call Oyler at 583-6348.
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