Low-interest federal loans from the U.S. Small Business Administration are being made available to Baldwin Park residents who lost homes or businesses in a December firestorm, City Manager Ralph Webb said.
In a related development, the City Council has adopted an ordinance exempting homeowners whose property was damaged in the fire from having to install curbs, gutters and other street improvements before obtaining permits to repair or rebuild their homes.
The disaster loans, at 4% to 8% interest, may be used by homeowners, tenants and business owners to replace or repair uninsured or under-insured structures. Homeowners may apply for loans up to $100,000 to replace real property, and up to $20,000 to replace personal belongings. Tenants are restricted to seeking loans to replace personal belongings. Business owners may qualify for loans of up to $500,000 to repair or replace buildings, machinery and inventory.
For more information, contact federal loan officers, who will hold meetings at Morgan Park Community building today and Friday. The telephone number at the assistance center is (818) 338-1005.