The U.S. Small Business Association is making low-interest federal disaster loans available to California businesses and residents affected by the Park and Borel fires that occurred this summer.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, the SBA said in a news release.

"Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA.

“Within a few days, SBA will announce the opening of a Disaster Loan Outreach Center where SBA disaster representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application," Sánchez said.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations and 2.688% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

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.

On Oct. 15, it was announced that funds for the Disaster Loan Program have been fully expended.

"While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors," the SBA said. "Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available."

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster.

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.

The deadline to apply for property damage is Dec. 20. The deadline to apply for economic injury is July 21.