Low-interest federal loans available to help with December flooding recovery
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The U.S. Small Business Administration is offering low-interest federal disaster loans to Washington businesses, private nonprofits and residents affected by December’s flooding following a disaster declaration by the president on April 7. Lummi Nation, the Nooksack Tribe and Whatcom County are covered by the declaration.
Businesses and nonprofits can apply for physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, equipment, inventory and other assets. Homeowners and renters can borrow up to $100,000 to replace or repair personal property, and homeowners can also apply for up to $500,000 to replace or repair their residence.
A loan increase of up to 20% of verified physical damage may be available to applicants for mitigation purposes. This can include insulation, weather stripping and installing storm windows.
Certain small businesses, agricultural cooperatives, nurseries and private nonprofits that experienced financial losses directly related to the disaster may also be eligible for the Small Business Administration’s Economic Injury Disaster Loan program. These loans are available even if there was no physical damage, and can be used to pay bills and employees that couldn’t be paid due to the disaster.
Interest on loans doesn’t start to accrue and payments aren’t due until a year from the date of the first loan disbursement, the Small Business Administration said. Eligibility, loan amounts and terms are determined based on each applicant’s financial situation.
To apply for a loan online, visit sba.gov/disaster. Call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.
