Federal loans available for storm damage

Costa Mesa and Newport Beach residents whose homes or businesses were affected by storms in January that brought heavy rain and wind can qualify for low-interest federal loans to help them repair the damage.

The loans are available through the Small Business Administration, a branch of the federal government.

Businesses and nonprofit organizations can borrow as much as $2 million to repair their properties or replace damaged equipment and machines, said William Koontz, a spokesman for the administration.

Renters can qualify for up to $40,000 for repairs.

Homeowners can qualify for up to $200,000.

“Most people in the public don’t know this exists unless they’ve been through a disaster,” Koontz said.

“Many communities around the country couldn’t have been rebuilt if it weren’t for this program.”

Todd Ferguson, owner of Castle Tile Inc. in Costa Mesa, said his business sustained broken glass during the January storms, costing about $700.

Ferguson said the business administration’s programs are good resources for businesses that sustained major damage.

“SBA has great programs,” he said. “I bought two buildings using SBA loans with their 10% down program.”

Home and business owners can also qualify for loans to go toward preventing future damage, Koontz said.

Those applying for the loans must be able to repay them, have good credit and be current on their federal debt or have none at all. The low-interest loans can be paid off in 30 years.

To apply for the loan or to learn more, contact the business administration at (800) 659-2955, send an e-mail to disastercustomerservice@sba.gov, or visit www.sba.gov/services/disasterassistance.