Disaster loans to West WA businesses affected by January’s floods

Federal relief will soon be available for families and businesses impacted by January’s severe storm.

The US Small Business Administration announced Wednesday that low-interest catastrophe loans will be available for Cowlitz, Grays Harbor, Lewis, Pacific, Pierce, Skamania, Thurston, Wahkiakum and Yakima counties. Applications will open on Thursday February 17th.

A severe winter storm swept through the Pacific Northwest on January 7, flooding streets, destroying homes and claiming lives.

Counties like Grays Harbor, which have been hit by flood waters, are still cleaning up.

The Federal Emergency Management Agency (FEMA) provided federal assistance to families in Skagit and Whatcom counties.

“SBA’s mission-driven team stands ready to help Washington’s small businesses and residents affected by winter weather and flooding,” said SBA Administrator Isabella Guzman. “We are committed to delivering federal disaster loans quickly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Businesses and private nonprofit organizations of all sizes can apply for a repair loan of up to $2 million to replace damaged or destroyed property, machinery, equipment, inventory and other assets.

Property owners can apply for up to $200,000 to repair or replace damaged properties. Homeowners and renters are entitled to up to $40,000 to repair or replace damaged personal property.

The SBA says it can loan businesses and homeowners additional funds for improvements to protect their properties from future flooding.

“Federal low-interest catastrophe loans are available to businesses of all sizes, most private non-profit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Tanya N. Garfield, SBA’s Western Operations Director. “The [Disaster Loan Outreach Center] is open on the days and times listed below. No appointment is required.”

The Disaster Loan Outreach Center is located in the Lewis County Courthouse at Chehalis, 351 NW North St., Room 121. Hours are Monday-Friday, 8:00 a.m.-5:00 p.m. The office is closed on February 21, President’s Day.

Interest rates are at least 2.83% for corporations, 1.875% for private nonprofits, and 1.438% for homeowners and renters with terms up to 30 years. The prices are determined based on the financial conditions of the applicant.

People can apply for credit on the SBA website by calling (800) 659-2955 or emailing [email protected] Applications should be sent to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The claim deadline for property damage is April 18, 2022; the deadline for economic damage is November 15, 2022.

PREVIOUS COVERAGE: Thurston County is offering free water testing for flood-affected residents

CONNECTED: Federal aid for people affected by flood damage

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