SBA offering loans for business impacted by Monterey Park shooting
Businesses that were financially impacted by the Monterey Park mass shooting and the subsequent investigation can apply for low-interest loans from the U.S. Small Business Administration, county officials said Monday.
"Following the senseless act of gun violence that took the lives of 11 people, our small business community in the city of Monterey Park continues to struggle," Supervisor Hilda Solis said in a statement. "In challenging times like these, it is important that we come together to help find solutions. To that end, I am grateful that our county agencies and departments are collaborating with our federal partners in assisting impacted businesses with critical resources such as low-interest disaster loans. I encourage those experiencing hardship to apply and take advantage of the services we have available at the county."
According to the county, the loads have an interest rate of 3.305 for small businesses and 2.375 for nonprofit groups, with terms up to 30 years. Loans can be used to pay off fixed debts, cover payroll or other bills that can't be paid due to the effects of the Jan. 21 shooting and subsequent weeklong investigation.
Loans are available of up to $2 million, with the application deadline Jan. 5.
Applications are available online at https://disasterloanassistance.sba.gov/. Information is also available at 800- 659-2955 or by emailing disastercustomerservice@sba.gov.
Eleven people died when a gunman opened fire Jan. 21 at the Star Ballroom Dance Studio in Monterey Park. After that shooting, the gunman went to the Lai Lai Ballroom and Studio in Alhambra, but he was disarmed in the lobby by an employee.
The gunman died of a self-inflicted gunshot wound the following day following a standoff with law enforcement in Torrance.
