California Businesses Get Storm Recovery Loans at 3.625% Rates
Published Date: 2/20/2025
Notice
Summary
California businesses in Santa Cruz and nearby counties hit by the 2024 coastal storm can now apply for special low-interest disaster loans to help recover. These Economic Injury Disaster Loans (EIDL) offer rates as low as 3.625% and must be applied for by November 13, 2025. This is a big financial boost to get local businesses back on their feet after the storm’s damage.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Low-interest EIDLs for Santa Cruz businesses
If you own a business or a small agricultural cooperative in Santa Cruz or the listed contiguous counties (Monterey, San Benito, San Mateo, Santa Clara) affected by the December 23, 2024 through January 3, 2025 coastal storm, you can apply for an Economic Injury Disaster Loan (EIDL). The interest rate for businesses and small agricultural cooperatives without credit available elsewhere is 4.000%. Apply online through the MySBA Loan Portal by November 13, 2025.
Nonprofits eligible for 3.625% EIDL
If you run a non-profit organization in Santa Cruz or the contiguous counties affected by the December 23, 2024 through January 3, 2025 storm, you may apply for an Economic Injury Disaster Loan at an interest rate of 3.625% for organizations without credit available elsewhere. Applications must be submitted by November 13, 2025 via the MySBA Loan Portal or locally announced locations.
Application deadline and how to apply
You must apply for the EIDL by November 13, 2025. Applications can be submitted online using the MySBA Loan Portal at https://lending.sba.gov or at other locally announced locations; SBA assistance is available via the disaster assistance customer service center (1-800-659-2955).
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