David Ryal Coordinates Safety Net for Earthquake Victims

David Ryal Coordinates Safety Net for Earthquake Victims

When the shaking stopped, people throughout the Central Coast started picking up the pieces of their homes and lives following last year’s tragic earthquake. Our very own David Ryal, Director of the Small Business Development Center (SBC), played a key role in recovery efforts, by coordinating the set-up of the "San Simeon Earthquake Recovery Loan Fund," an emergency financial support for local businesses and individuals that suffered damage from the 6.5 quake.

Four local banks – Heritage Oaks, Mid-State, Mission Community and Santa Lucia – each contributed $250,000 to make a million dollar loan fund with an interest of three-percent. The loans are for qualified businesses and individuals that suffered structural property damage and have been turned down for assistance by the Small Business Administration (SBA) and the Federal Emergency Management Agency (FEMA).

The maximum amount that can be loaned out from the emergency fund is $50,000 for business and $10,000 for individuals. Businesses and individuals can qualify for the loan fund after March 15.