Low-interest loans available for small businesses impacted by closure of salmon season
Low-interest federal loans are now available in 31 California counties to help small businesses impacted by the decision to cancel this year's commercial Chinook salmon season.
The Pacific Fishery Management Council canceled the 2023 fishing season back in April, and on Nov. 29 the U.S. Small Business Administration declared a disaster, which allows the government to offer financial assistance to small businesses that have suffered economic hardships as a result of the cancelation.
"Small businesses in Sonoma County that rely on salmon fishing for their livelihood were devastated when the fishery was shut down," said Sonoma County Supervisor Lynda Hopkins. "This disaster declaration will provide these local businesses with loans to help them recover."
The 4 percent-interest-rate loans are for small businesses while there are 2.375 percent loans for private nonprofit organizations.
The loans feature terms of up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship, according to Sonoma County officials.
Business owners are encouraged to make an appointment at a California Small Business Development Center for free recovery guidance. People can visit the CSBD website to schedule and appointment.
Disaster loan applications can also found online by visiting SBA.gov/disaster and business owners can also call (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
The deadline to apply is Aug. 29, 2024.