| This program is designed to give swift response in a State of Emergency, providing funds to affected businesses and farmers immediately, while the SBA paperwork is being processed. It is only a bridge loan, which means it is a short term loan that is designed to be replaced by a long-term SBA loan. Eligible:
Eligible Applicants: For non-agricultural small businesses, an applicant must qualify and apply for disaster assistance from the U. S. Small Business Administration (SBA). Assistance through the Small Business Disaster Assistance Loan Guarantee Program will be in the form of a "bridge" loan guarantee to provide the borrower with working capital until its SBA financing is approved.
For farm enterprises, an applicant must be engaged in the production of food or fiber, or ranching and raising livestock; nurseries engaged in the wholesale or retail selling of plants; and agriculture related enterprises such as packing shed co-ops, feed yards, cotton gins, and food processors. An applicant must have suffered physical damage or economic injury as a result of the disaster. "Physical damage" means real or personal property damaged or lost, including structural losses. "Economic injury" means an economic loss resulting in the inability of a business to meet its obligations and to pay its ordinary and necessary operating expenses, including production losses. In addition, the applicant must not be able to obtain credit on their own.
Contact:
If the Governor declares a State of Emergency, contact your local Financial Development Corporation (FDC). Search on the Internet under "California Financial Development Corporation" and choose the nearest center. |
Compliance information
Funding