FireWatch: Small Business Administration Loan Program for McKinney Fire Survivors | Community
YREKA, Cal. — The Small Businesses Administration is accepting applications for federally funded, low-interest loans for homeowners, renters, businesses of all sizes and most private nonprofit organizations. These loans are for people directly affected by the McKinney fire.
The loan is intended to help repair or replace damaged property. SBA wishes to offer this program to as many people as possible who wish to benefit from it. McKinney fire survivor Bill Simms lost everything on his property. He wonders if he wants to rebuild his house or start something new.
“We have a small property down the river in Horse Creek and leave that. This is the decision we have to make. But I wanted to check to give me an option, I love options, and if I choose a great one. That’s why I’m really here just to see what the options are,” says Simms.
SBA public information officer Rick Tillery said a loan like this could very well be life changing. It is important that they help individuals and families return to their properties to begin rebuilding.
“The great thing about how this program works is if somebody wants to rebuild and they’re thinking of using a credit card and you have to look at the interest rates – the interest rates on your credit card are going to be much higher than what we’re able to do on these federally backed disaster loans,” Tillery says.
The SBA is also keen to point out that these loans can help improve properties that could eliminate future damage, such as wildfires. As well as businesses that have suffered economically due to the evacuations.
“We had a lot of businesses in Yreka that had to close for a week. These businesses have suffered economic harm as a result of this disaster and they are eligible for this program,” says Tillery.
interest rates can be as low as 2.1% for homeowners and renters, 3% for businesses, and 1.8% for nonprofits. The deadline to apply for the SBA loan program is October 18e – you can apply online or in person – the Yreka office is open around the clock – They are open 8 am to 5 pm Monday to Friday at the Siskiyou County Transit Center.
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