Paradise business owners fearful "The Ridge" will lose it's charm, SBA offering assistance
PARADISE, Calif. —
The Paradise and Chico Chamber of Commerce in collaboration with the Small Business Administration hosted a disaster assistance meeting on Thursday for victims of the Camp Fire. The purpose of the meeting was to provide business owners with information on how they can apply for assistance with the SBA to keep their businesses afloat in the wake of the Camp Fire.
Many business owners were in attendance to get more information about the future of their businesses and how they are going to survive economically.
"As of this morning [Thursday] the SBA office of disaster assistance has approved over 67 million in these disaster recovery loans mostly for homeowners and renters but also businesses of all sizes and private nonprofits," said Chelsea Irvine, a Public Information Officer with the U.S. Small Business Administration. "The SBA office of disaster assistance is the primary source of your long-term recovery money for your business, for your nonprofit, and for your home and if you're a renter," added Irvine.
The SBA says they offer disaster loans and low interest loans for businesses and non-profits, homeowner loans up to $200,000 to repair or to replace primary residence, homeowners and renter loans up to $40,000 to replace personal property and low-interest working capital loans (called Economic Injury Disaster Loans - EIDL). They say interest rates can be as low as 3.74 percent for businesses, 2.75 percent for private nonprofit organizations and two percent for homeowners and renters with terms up to 30 years. For more information on the Small Business Administration and how you can apply for a loan, you can click