The U.S. Small Business Administration is offering low-interest federal disaster loans to small businesses economically affected by the Monterey Park mass shooting and related investigation that occurred Jan. 21-28.
The County of Los Angeles’ Chief Executive Office, Office of Emergency Management is encouraging small businesses affected by the Monterey Park mass shooting and related investigation to take advantage of low-interest federal disaster loans being offered by the SBA.
“Following the senseless act of gun violence that took the lives of 11 people, our small business community in the City of Monterey Park continues to struggle,” said Los Angeles County Supervisor Hilda Solis of the 1st District. “In challenging times like these, it is important that we come together to help find solutions. To that end, I am grateful that our county agencies and departments are collaborating with our federal partners in assisting impacted businesses with critical resources such as low-interest disaster loans. I encourage those experiencing hardship to apply and take advantage of the services we have available at the county.”
Eligibility to qualify for assistance is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.305% for small businesses and 2.375% for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Applicants who qualify are eligible for Economic Injury Disaster Loans of up to $2 million. The deadline to apply for economic injury is Jan. 5, 2024.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
For people who are deaf, hard of hearing, or have a speech disability, dial 711 to access telecommunications relay services.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.
As an additional resource, the Pasadena City College Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact them by calling (626) 585-3106, or by emailing SBDC@Pasadena.edu. Visitors are encouraged to call or email first for an appointment.