The U.S. Small Enterprise Administration (SBA) is offering low-interest federal catastrophe loans for working capital to small companies in Washington economically affected by the extreme storms, flooding, and freezing situations that occurred between December 18-28, 2022. SBA’s Administrator Isabella Casillas Guzman introduced the catastrophe declaration following a request obtained from Governor Jay Inslee on April 11, 2023.

The help is offered to small companies in Grays Harbor, Island, Jefferson, Kitsap, Mason, Okanogan, Pierce, Skagit, Snohomish, Thurston, and Whatcom counties. Administrator Guzman acknowledged that the SBA’s mission-driven group is able to assist the affected companies, and they’re dedicated to offering federal catastrophe loans shortly and effectively.

Small nonfarm companies, small agricultural cooperatives, small aquaculture companies, and most personal nonprofit organizations of any dimension might qualify for Financial Harm Catastrophe Loans (EIDL) of as much as $2 million. These loans purpose to assist companies meet their monetary obligations and working bills, which they might have managed if the catastrophe hadn’t occurred. In response to Director Tanya N. Garfield of SBA’s Catastrophe Subject Operations Heart-West, the loans can be utilized to pay fastened money owed, payroll, accounts payable, and different payments that can’t be paid because of the catastrophe’s influence.

Eligibility for these loans relies on the monetary influence of the catastrophe fairly than precise property harm. The loans have an rate of interest of three.305% for small companies and a pair of.375% for personal nonprofit organizations, with phrases of as much as 30 years. They’re restricted to small companies with out the monetary skill to offset the opposed influence with out hardship.

The Washington Small Enterprise Improvement Heart is providing free, customized counseling to assist affected companies of their restoration. To entry this help, companies can e mail Washington@wsbdc.org or name (833) 492-7232.

To use for financial damage help, companies can go to https://disasterloanassistance.sba.gov/ or name SBA’s Buyer Service Heart at (800) 659-2955. Accomplished functions needs to be mailed to the U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Highway, Fort Price, TX 76155. The deadline for utility is January 12, 2024.

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