San Rafael, CA – Marin County residents, business owners, and nonprofit managers may be eligible for newly available low-interest loans if storms earlier this year created financial hardships.
Marin homeowners who sustained mudslides, such as this one in unincorporated Novato, may be eligible for low-interest loans.The U.S. Small Business Administration (SBA) recently added Marin County to its list of counties whose residents and business managers are eligible to apply for personal and low-interest loans. Some Marin residents and businesses may now qualify for aid related to severe weather between February 21 and July 10 that resulted in financial losses. The weather events include winter storms, winds, floods, landslides, and mudslides.
Through the October 10 deadline, disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles. The aid can be used for individuals and households to repair or replace damaged primary residences.
The deadline to apply for economic damage from those weather events is May 9, 2024.
Businesses of all sizes and private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. 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 property damage.
The SBA is working with the federal government to offer the low-interest loans to those who have a credit history and the ability to repay the loans. Interest rates can be as low as 4% for businesses and 2.375% for private nonprofits, 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.
SBA staff will assist residents, businesses and qualified nonprofits to answer questions about the loan program and help with the application process.
Applicants can receive additional disaster assistance information, download an application or apply online. Applicants may also email or call SBA’s Customer Service Center at (916) 735-1512.
Marin property owners may also be entitled to property tax relief, as a result of the winter storms. The most recent County-proclaimed local disasters were for COVID-19 and the drought; both those have expired.