If you were affected by the heavy rains, flooding, and landslides in January, the deadline is approaching to apply for disaster loans from the U.S. Small Business Administration.
Director Nancy Porzio from the SBA’s District Office in Seattle reminded small businesses of the October 29, 2015, deadline to apply for an SBA federal disaster loan for economic injury caused by severe storms, flooding and mudslides in Grays Harbor County that occurred January 3 – 6, 2015.
According to Porzio, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet working capital needs caused by the disaster. “EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the applicant suffered any property damage,” Porzio said.
These low-interest federal disaster loans are available in Grays Harbor, Jefferson, Lewis, Mason, Pacific and Thurston counties in Washington.
The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing [email protected].
Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. For more disaster assistance information, or to download applications, visit http://www.sba.gov/disaster.
Completed applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center
14925 Kingsport Road
12Fort Worth, TX 76155