Rebuilding Altadena: Small Business Loans Offered To Businesses Impacted By Eaton Fire
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The long road to rebuilding the community of Altadena continues, and a new round of financial good news could be the break that local businesses have been longing to hear since the devastating Eaton wildfire ravaged through the community.
On Monday, May 5, the Los Angeles County Development Authority along with Los Angeles County Board of Supervisors Chair Kathryn Barger, officially launched a disaster relief small business loan program for eligible Altadena establishments of up to $75,000.
Promising to help businesses in the area to 'recover, rebuild and retain jobs,' qualifying establishments, 'must operate a physical storefront in the areas of ZIP codes 91001 or 91004' and have been fully operational in the Altadena area for a minimum of six months.
Other requirements include: providing 'proof of operation through documentation such as business license, lease, or other documentation as deemed appropriate by the Los Angeles County Development Authority,' according to the Los Angeles County Development Authority.
Speaking about the new loan program, Barger was optimistic about helping get the community back up and running.
'The Eaton Fire devastated many in our Altadena community, and this program ensures we're providing real support where it's needed most,' she said.
'Small businesses are the backbone of our local economy, and helping them get back on their feet is essential to restoring stability, jobs, and community spirit in the wake of disaster,' Barger continued.
Applications for the program began Tuesday, May 6, and will be open through June 3.
Additionally, the 15-year loan term — which is said to be distributed directly to Altadena business owners — will have loan payments and interest accrual 'deferred for first 60 calendar months' and 'principal and interest payments will be due and payable starting on the 61st calendar month from funding date over a 10-year amortization.'
After such a harrowing start to the year, this may be just the thing that the Altadena community needs to start anew and make the second half of 2025 much better than the first.
SEE ALSO:
As Altadena Residents Encounter Significant Crime Increase, Authorities Implement AI Cameras To Deter Thieves
Nonprofit Purchases Land To Protect Altadena From Predatory Developers
SEE ALSO
Rebuilding Altadena: Small Business Loans Offered To Businesses Impacted By Eaton Fire was originally published on newsone.com
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