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SBA Offers Financial Assistance To Those Affected By Powerhouse Fire

The U.S. Small Business Administration will be at Hughes-Elizabeth Lakes School until July 11 to offer Disaster Assistance for those affected by the Powerhouse Fire


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“It is a federally insured loan that requires one to be a taxpayer, a current citizen and to be a resident of the property meaning that their property was not a vacation home,” said Burl Kelton, spokesman for the SBA.


In the Powerhouse Fire, 30 homes were destroyed in addition to 28 outbuildings. The total cost of the operation has risen to $20 million. The fire has burned approximately 32,032 acres. Southern California Edison lost 137 utility poles during the fire, which caused a power outage.


“It was scary: being told we had to leave, and not knowing what to take,” Lake Hughes resident Shellie Rericha said about the fire.


Customer service representatives will be available Monday through Friday, 8 a.m. to 4:30 p.m. to aid property and business owners in filling out a disaster-loan request form.


“We found out through Sacramento, the most important thing to us is your insurance company, policy number, phone number and agent’s name and number,” said Susan Hapgood, customer service representative for the SBA.


“If you don’t have this information, it can tie the loan up for two or three weeks,” she said.


The types of disaster loans available include Home Disaster, Business Physical Disaster and Economic Injury Disaster loans that can be up to $200,000 for home loans and $2 million for business loans.


“Insurance very seldom covers a complete recovery -- it might cover the structure or some personal property, but typically, people don’t have enough insurance to cover everything,” Kelton said.


“We can help fill in the extra money that they need,” he said.


Credit requirements include and acceptable credit history, ability to repay the loan and collateral for physical loss loans over $14,000, and all EDIL loans over $5,000.


“We are here on the invitation from the government to come in and help the community rebuild,” Kelton said.


“We come out and we’re looking to put you where you were the day before the disaster,” Hapgood said.

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SBA Offers Financial Assistance to Those Affected By Powerhouse Fire

Article: SBA Offers Financial Assistance to Those Affected By Powerhouse Fire
Source: Santa Clarita News
Author: Jessica Boyer