LOS ANGELES — The U.S. Small Business Administration on Friday will provide additional resources to Los Angeles city and county residents impacted by the (10) Santa Monica Freeway fire, which closed one of the nation's busiest roadways for more than a week.

The SBA is set to open a Business Recovery Center in Downtown Los Angeles, located at 725 Crocker St., that will aim to assist small businesses economically impacted by the 10 Freeway fire and road closures that occurred in November 2023.

Following a request received from Gov. Gavin Newsom last Thursday, the SBA acted under its own authority to declare a disaster.

After Friday, the center will operate during the weekdays from 8 a.m. to 4:30 p.m. On Feb. 15, the center will operate from 12:30 p.m to 4:30 p.m., and will resume normal hours after.

No appointments will be necessary, and officials said the center will remain open until further notice.

"Due to the economic losses inflicted on California small businesses, we want to provide every available service to help get them back on their feet," Associate Administrator Francisco Sánchez of the U.S. Small Business Administration's Office of Disaster Recovery & Resilience said in a statement.

While business owners will have until the end of October for their applications to be accepted, the SBA will have representatives at its center to walk applicants through the application process and answer questions about the disaster loan program.

The SBA also launched a virtual business recovery center last week. Impacted residents can receive online assistance or over the phone by contacting FOCWAssistance@sba.gov or 916-735-1501, Monday through Friday from 8 a.m. to 4:30 p.m.

Business owners are encouraged to apply for assistance and initiate a low interest loan SBA application. Eligibility will be based on the financial impact of the disaster only and not on any actual property damage.

Applicants, if approved, will receive Economic Injury Disaster Loans, which are working capital loans to help businesses, among other groups. 

"These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact," Sánchez said in a statement. "Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing."

Typically, these loans have a 4% interest rate for small businesses and 3.25% interest rate for private non-private organizations with terms up to 30 years. Shorter terms are available, as well.

In addition, the loans will be restricted to small businesses without the financial ability to offset the adverse impact without hardship.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may also call SBA's Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.