SAN DIEGO (KGTV) — Local businesses hit hard by the January floods are weighing low-interest loans offered by the Small Business Administration.
Inside a rented warehouse space in Mission Valley, the work of preparing flowers is not letting up, despite the count of the surrounding supplies.
Meg Blancato, co-owner of Native Poppy, says the January flooding destroyed two of three delivery vans, as well as ravaging merchandise, supplies and equipment. The total loss was nearly $100,000.
They only had insurance for the vehicles, and only enough coverage to replace one of them.
Local businesses affected by the January floods are weighing low-interest loans offered by the Small Business Administration.
Inside a rented warehouse space in Mission Valley, the preparation of flowers is not letting up despite the abundance of supplies surrounding it.
Meg Blancato, co-owner of Native Poppy, said the January flooding destroyed two of three delivery vans and ravaged merchandise, supplies, and equipment, causing a total loss of nearly $100,000.
They only had insurance for the vehicles and only enough coverage to replace one of them.
FEMA isn’t offering business assistance, leaving Native Poppy with one main option: a low-interest loan from the Small Business Administration.
“Yes, we thought about it,” Blancato said.
It’s an option Blancato is very familiar with.
During the pandemic, she and her co-owner took out a 30-year, $150,000 loan at a 3% interest rate.
This time, the SBA is offering business loans at 4% and above. Ultimately, Blancato decided not to apply.
“Not only are we are replenishing everything that was lost, as far as merchandise, supplies, equipment, etc., we are investing a ton of cash into preparing for Mother’s Day … We do not have the cash flow to be paying another loan,” Blancato said.
The SBA loan will be an option for other flooded businesses, homeowners and renters.
So far, a total of seven loans have been approved for $193,000.
Back in Mission Valley, the strategy is to keep growing the business while leaning on online fundraisers.
“Our unofficial tagline is ‘We’ll will figure it out,’ and it’s something we say a lot, and that’s what we’re doing right now,” Blancato said.
Native Poppy will launch an online auction fundraiser next week.
