Sonoma County businesses and residents affected by winter storms now eligible for federal disaster loans

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Sonoma County businesses and residents affected by severe winter storms, flooding, landslides and mudslides that occurred from Dec. 27, 2022 to Jan. 31, 2023 are now eligible for low-interest federal disaster loans from the U.S. Small Business Administration.

Businesses of all sizes 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. Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

“Economic Injury Disaster Loans can help small businesses and residents meet their financial needs and recoup losses caused by the disaster,” said Ethan Brown, director of the Sonoma County Economic Development Board. “The County stands ready to support the community in applying for and securing this critical funding.”

Economic injury assistance is available regardless of whether the business suffered any property damage. Additional funds are available to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage.

Interest rates can be as low as 3.305 percent for businesses, 2.375 percent for private nonprofit organizations and 2.313 percent for homeowners and renters with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. Disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may apply online, receive additional disaster assistance information and download applications at: https://disasterloanassistance.sba.gov/.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for property damage is Oct. 10, 2023. The deadline to apply for economic injury is May 9, 2024.

More information and support are available locally through the Sonoma County Economic Development Board at edb@Sonoma-county.org or (707) 565-7170.

Media Contacts:

Aleena Decker
Sonoma County Economic Development Board
(707) 565-7221
aleena.decker@sonoma-county.org

Dan Virkstis, Communications Specialist
publicaffairs@sonoma-county.org
(707) 565-3040