SBA is Offering Disaster Funding for Businesses and Residents Affected by the California Wildfires
January 13, 2025
Delaney Sexton
Contributing Editor
SBA is Offering Disaster Funding for Businesses and Residents Affected by the California Wildfires
“I was devastated to hear that five of my constituents have lost their lives from the Eaton Fire, and my thoughts are with their families and all those suffering from this week’s devastation. My top priority remains assisting people in my district to safety and supporting the heroic first responders from California and states around California who are working around the clock to contain the wildfires. Residents in the wildfires’ paths should continue listening to local emergency officials, preparing a to-go bag to evacuate, and following evacuation orders when given,” says California Representative Judy Chu.
“I’m so immensely grateful at the unprecedented speed with which the Biden-Harris Administration approved Governor Newsom’s request – supported by my colleagues and me in Congress – to issue a Major Disaster declaration for Los Angeles County. I’m encouraging impacted Californians to apply for this immediate and long-term relief once safely out of the wildfires’ paths. It’s evident our region’s recovery will be long, but we’re resilient and my office and I will assist in any and all response and recovery efforts,” continues Representative Chu.
“As heroic firefighters and first responders continue to battle the devastating wildfires sweeping across Southern California, the federal government is surging resources to ensure that Angelenos are prepared to recover and rebuild from this catastrophe,” said SBA Administrator Guzman. “In response to President Biden’s major disaster declaration, the SBA is mobilizing to provide financial relief to impacted businesses and residents. Our continued prayers are with the brave individuals working to put out these fires as well as all those who have lost loved ones, their homes, and their businesses to this disaster. We stand ready to support our fellow Americans for as long as it takes.”
Administrator Guzman announced disaster funding for small businesses, homeowners, renters, and private nonprofit organizations in Southern California impacted by the fires. Loans will be available for businesses of all sizes to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets.
For homeowners, disaster loans of up to $500,000 will be available. Homeowners and renters will be eligible for up to $100,000 to use for damaged or destroyed personal property, including personal vehicles. Terms will be up to 30 years. The interest rates for the disaster loans will be as low as:
- 4% for businesses
- 3.625% for PNP organizations
- 2.563% for homeowners and renters
Interest does not begin to accrue until 12 months from the date of the first loan disbursement, and payments can be deferred 12 months from the date of the first disbursement.
Applicants can find additional information and apply for assistance at sba.gov/disaster.