Sacramento, California - Governor Gavin Newsom today announced that the U.S. Small Business Administration (SBA) has approved the state's request this week for disaster assistance for California businesses and residents affected by the series of large-magnitude earthquakes near Ridgecrest last month.
The SBA's disaster declaration will make low-interest federal disaster loans available to impacted residents and businesses in Kern and San Bernardino counties as well as the neighboring counties of Inyo, Kings, Los Angeles, Orange, Riverside, San Luis Obispo, Santa Barbara, Tulare and Ventura.
“These federal disaster loans will help support homeowners, renters, businesses and others grappling with the loss or damage of property across the region get back on their feet,” said Governor Newsom. “I thank the SBA for making this a priority.”
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 future disaster damage. 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.
Previously, Governor Newsom secured a Presidential Emergency Declaration for direct federal assistance, declared a state of emergency in Kern and San Bernardino counties and toured the impacted area to meet with first responders, elected leaders and residents affected by the earthquakes.