Local News in Brief : Quake Funds Provided
- Share via
The first federal loans for victims of the Oct. 1 earthquake were distributed Monday in Whittier, with 17 residents collecting a total of $327,000 to repair damaged homes and businesses.
About 2,500 people have submitted applications for low-interest loans to the U.S. Small Business Administration, and 12,000 other applications have been distributed but not returned, SBA spokesman John Tumpak said. Recipients pay 4% or 8% interest, depending on their income.
Homeowners may apply for loans for damage up to $200,000 and merchants may borrow up to $500,000. It is taking about three weeks to process the loans, Tumpak said. Application deadlines are Dec. 7 for home loans and July 7, 1988, for business loans.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
