Topanga Canyon: Small Business Association offers loans for those affected by storm-related closure

Low-interest federal disaster loans are now available for small businesses that were impacted by the extended storm-related closure of Topanga Canyon Boulevard.

The U.S. Small Business Association enacted a disaster declaration for the area in late June, making financial assistance available for those impacted by the closure of the boulevard between Grand View Drive and Pacific Coast Highway.

The stretch of roadway was closed in early March due to a storm- sparked landslide that inundated all lanes. The street was reopened June 3, about 90 days earlier than the original timeline.

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% for small businesses and 3.25% 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.