Emergency Management

SBA stands ready to assist victims of Washington’s severe storms and flooding
Posted By Sheri Badger on Dec 13th, 2006 at 10:51 AM

Sacramento, CA – December 13, 2006 – Steven C. Preston, Administrator of the U.S. Small Business Administration (SBA) today announced that SBA will make low-interest disaster loans available to Washington residents and businesses. These SBA disaster loans are now available because of President Bushs Federal disaster declaration. The declaration covers Clark, Cowlitz, Grays Harbor, King, Lewis, Pierce, Skagit, Skamania, Snohomish, Thurston and Wahkiakum Counties following the severe flooding and storms that occurred in late October. We look forward to working with the State of Washington to make our loans available to homeowners, renters and businesses of all sizes who were affected by last months storms, said Administrator Preston. We will be swift in our efforts, along with our partners at the Federal Emergency Management Agency, to help Washington disaster victims rebuild their homes and businesses. Once local recovery facilities are identified in the declared areas, SBA officials will provide one-on-one assistance to disaster loan applicants. Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. For small businesses only, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. Interest rates can be as low as 3 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicants financial condition. To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). Additional details on the location of assistance centers and the loan application process deadlines can be obtained by calling the SBA Customer Service Center at (800) 659-2955. The filing deadline to return applications for property damage is February 12, 2007. The EIDL deadline is September 12, 2007.