Disaster Loans Outreach Center Open For Redondo Beach Residents

REDONDO BEACH, CA — Small businesses, nonprofits and residents in Redondo Beach have access to a new Disaster Loan Outreach Center that will help provide aid to those affected by winter storms, flooding and landslides.

In addition to the Virtual Disaster Loan Outreach Center that opened on May 20, this new center is located in Los Angeles and is run by the U.S. Small Business Administration and will remain open
until June 5.

“SBA customer service representatives will be on hand at the following center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” Sánchez said.

Businesses of all sizes and private nonprofit organizations are able to borrow up to $2c million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other assets.

Additionally, homeowners may apply for a loan for up to $500,000 to repair or replace damaged or destroyed real estate. Residents may also apply for an up to $100,000 loan to repair or replace personal property or vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for nonprofits and 2.6 percent for homeowners and renters with terms up to 30 years. Interest will not accrue until 12 months from the date of the first disaster loan disbursement.

Applicants may apply online at SBA.gov/disaster. The deadline to apply for property damage is July 16, 2024 and the deadline for economic injury is Feb. 18, 2025.