SBA offering low interest loans in Merced County after severe flooding

MERCED COUNTY, Calif. (KFSN) -- If you're a small business or homeowner impacted by recent flooding in Merced County, the Federal Small Business Administration may be able to help with repair and clean-up costs.

For weeks now, SBA representatives have been at the fairgrounds in Merced County and at Sacred Heart Church in Planada -- walking people through the application process for low-interest loans.

President Biden has declared a federal disaster for the North Valley region, opening the door for flood victims to receive assistance.

There are several different loan options for qualified businesses, homeowners, renters and most non-profit organizations.

"Business Physical" loans of up to $2 million are available with interest rates as low as 3.305%.

Money can be used to repair or replace disaster-damaged property.

Homeowners who need to repair their primary residence can receive up to $200,000.

If your vehicle or other personal belongings sustained damage, you can apply for a loan of up to $40,000.

Applications for physical damage loans are due by March 16, and those for economic injury are due by October 16.

For more information, you can visit one of the two SBA disaster centers at the Merced County Fairgrounds or Sacred Heart Church in Planada.

You can also visit the SBA's website.