Low-Interest Federal Disaster Loans
Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters in Oakland whose property was damaged or destroyed during the demonstrations that began May 26, 2020.
Last Updated: August 21st, 2020 @ 10:02 AM
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Business and Nonprofit Loans
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.
SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future. These are known as Business Physical Disaster Loans.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 3% for businesses and 2.75% for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The filing deadline for Business Physical Disaster Loans is September 16, 2020.
The filing deadline for Economic Injury Disaster Loans is March 17, 2021.
Homeowner and Renter Loans
Home Disaster Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 1.25 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The filing deadline for Home Disaster Loans is September 16, 2020.
How to Apply
Apply online, find additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/.
Call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
Completed paper applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
- September 16, 2020, for property damage loans
- March 17, 2021, for economic injury loans
For answers to questions about SBA’s disaster loan program, explanation of the application process and help completing their electronic loan application, SBA has established a Virtual Disaster Loan Outreach Center.
Mondays to Fridays, 8 a.m. to 4:30 p.m.
These services are only available for the California disaster declaration as a result of the civil unrest that began May 26, 2020, and not for COVID-19 related assistance.