Monterey Park Shooting Affects Small Businesses; SBA Offers $2 Million in Federal Loans

Following the Monterey Park shooting in California, small businesses in the city were financially affected and continue to struggle. Accordingly, the U.S. Small Business Administration decided to offer them federal loans of up to $2 million.

On April 10, the U.S. Small Business Administration (SBA) opened applications of low-interest loans for small businesses that were financially affected by the Monterey Park shooting in California. Supervisor Hilda Solis states that the county’s agencies and departments are currently collaborating with federal agencies in assisting the affected businesses.

An article on CBS News states that the loans offered by the SBA have an interest rate of 3.305% for small businesses and 2.375% for nonprofit organizations. Reportedly, the budget for the loans will be up to $2 million and loan terms will be up to 30 years. Applications for the loans will end on January 5, 2024. These loans can be used to fund payrolls or other bills and settle fixed debts that cannot be paid because of the effects of the Monterey Park shooting last January 21 and the one-week investigation that followed.

READ ALSO: 2023 Small Business Loans: How To Qualify For Them

Information about the Monterey Park Shooting

According to an article on Audacy, last January 21, eleven individuals have died after a gunman opened fire at the Star Ballroom Dance Studio in Monterey Park, California. Following that shooting incident, the gunman went straight to the Lai Lai Ballroom and Studio in Alhambra, still in California. Fortunately, he was immediately disarmed by an employee in the lobby. Reports say on the following day, the gunman had died of a self-inflicted gunshot wound during a standoff with the police authorities in Torrance, California.

READ ALSO: 2023 Tax Changes That Could Boost Small Business Growth