WASHINGTON — The U.S. Small Business Administration (SBA) has announced low-interest federal disaster loans for Washington residents, businesses and private nonprofits impacted by the severe flood and winter storms from Dec. 5 to 22.
Accoridng to SBA, the declaration covers several counties, including Chelan, King and Snohomish. Businesses and nonprofits can apply for up to $2 million in loans to repair physical damage. Homeowners may borrow up to $500,000 for primary residence repairs, while renters can apply for loans up to $100,000 for personal property.
“Through an agency declaration, SBA provides financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We offer disaster loans to homeowners, renters, businesses and private nonprofits affected by the disaster.”
Eligible small businesses, agricultural cooperatives and certain nonprofits can also access the Economic Injury Disaster Loan program for working capital needs. Interest rates start at 4% for businesses, 3.625% for nonprofits and 2.875% for homeowners and renters. Payments begin 12 months after the first loan disbursement.
Federal-State Disaster Recovery Centers will soon open to assist applicants.
For more information, residents can call the SBA Customer Service Center at (800) 659-2955 or visit sba.gov/disaster.
The deadline for physical damage loan applications is April 27, while economic injury applications are due by Nov. 24.
