By Bay City News.
Low-interest federal loans are now available in 31 California counties to assist small businesses affected by the decision to cancel this year's commercial Chinook salmon season.
The Pacific Fishery Management Council canceled the 2023 fishing season in April, and on Nov. 29 the U.S. Small Business Administration declared a disaster, allowing the government to offer financial assistance to small businesses that have suffered economic hardship as a result of the cancellation.
“Sonoma County small businesses that rely on salmon fishing for their livelihood were devastated when the fishery was closed,” said Sonoma County Supervisor Lynda Hopkins. “This disaster declaration will provide loans to these local businesses to help them recover.”
Loans with a 4 percent interest rate are for small businesses, while there are 2.375 percent loans for private nonprofit organizations.
The loans have terms of up to 30 years and are restricted to small businesses without the financial capacity to offset the adverse impact without hardship, according to Sonoma County officials.
Business owners are encouraged to schedule an appointment at a California Small Business Development Center for free recovery guidance. Individuals can visit https://www.californiasbdc.org/find-your-sbdc/ to do it.
Disaster loan applications can also be found online by visiting SBA.gov/disaster and business owners can also call (800) 659-2955 or email disastercustomerservice@sba.gov for more information about SBA disaster assistance.
The application deadline is August 29, 2024.
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