TOPANGA, CA — Federal disaster loans are now available for small businesses that were impacted by the months-long closure of Topanga Canyon Boulevard earlier this year.
The U.S. Small Business Association made a disaster declaration for the area in late June after a landslide that first struck in March led the road to be closed for nearly three months. The closure impacted commuters traveling between Pacific Coast Highway and the San Fernando Valley, as well as businesses and residents who rely on the road.
SBA loans for those impacted by the closure are available in Kern, Los Angeles, Orange, San Bernardino and Ventura counties, according to the agency.
“SBA’s mission-driven team stands ready to help California’s small businesses impacted by the Topanga landslide and closure of state Route 27,” SBA Administrator Isabella Casillas Guzman said in a statement. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help these businesses.”
The SBA opened a virtual business recovery center Friday morning. It will be in operation from 8 a.m. to 4:30 p.m. Monday through Friday. Customer service representatives will be available to provide information on available loans and assist with the application process.
The virtual center can be reached by phone at 916-735-1501 or focwassistance@sba.gov.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, said in a statement. “Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”
Eligibility is based on the financial impact of the disaster only and not on any actual property damage, officials said. The loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations, with terms up to 30 years. The loans are “restricted to small businesses without the financial ability to offset the adverse impact without hardship,” according to SBA.
Some 15,000 cubic yards of material were removed from the slide area. It’s being repurposed by Ventura County farmers, the Los Angeles County Department of Public Works and an art installation in downtown Los Angeles near LA State Historic Park., according to Caltrans.
City News Service contributed to this report.
