Low-interest Federal Loans Available to Aid Quake Recovery

January 05, 2023

At the urging of state and local officials, as well as North Coast Congressmember Jared Huffman, the U.S. Small Business Administration is offering low-interest federal disaster loans to businesses and residents affected by the Dec. 20 earthquake that rocked Humboldt County, and its continuing aftershocks.

“The SBA Disaster Loan process will make it easier for our local businesses and homeowners to rebuild damaged properties and ease the financial hardship on all of our impacted residents,” said Humboldt County Sheriff William Honsal in ap press release. “This is an important step that is necessary so that our community can begin to recover.”

The move will allow businesses of all sizes and nonprofit organizations to borrow up to $2 million to replace damaged or destroyed inventory, real estate, equipment and other assets, with interest rates as los as 3.305 percent for businesses and 2.375 percent for nonprofits. Homeowners, meanwhile, can borrow up to $200,000 to repair or replace damaged real estate, while  both renters and homeowners can borrow up to $40,000 to replace or repair damaged or destroyed personal property. The interest rate for homeowners and renters is as low as 2.313 percent.

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By:  Thadeus Greenson
Source: North Coast Journal