Small businesses hurt by the March slip-out that blocked state Highway 1 in Monterey County may find help in a U.S. Small Business Administration disaster declaration.
The SBA disaster declaration makes low-interest federal loans available to businesses harmed by a landslide that undermined the highway near Rocky Creek on March 30.Â
Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations may qualify for Economic Injury Disaster Loans of up to $2 million, the SBA said in a press release Thursday.
Applicants may call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.
The loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations with terms of up to 30 years.
In addition to Monterey County, the disaster declaration makes SBA assistance available in Fresno, Kings, San Benito, San Luis Obispo and Santa Cruz counties.
The SBA said it made the disaster declaration following a request by Gov. Gavin Newsom.
