• Deadline Approaching in Washington for SBA Working Capital Loans Due to Severe Weather Conditions

    September 02, 2022
    Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Washington small businesses of the Oct. 5, 2022, deadline to apply for an SBA federal disaster loan for economic injury caused by the severe storms, straight-line winds, flooding, landslides and mudslides that occurred Nov. 5 - Dec. 2, 2021.
    According to Garfield, 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 of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.
    These low-interest federal disaster loans are available in Chelan, Clallam, Island, Jefferson, Okanogan, Skagit, Snohomish and Whatcom counties; the Lummi Nation, the Nooksack Indian Tribe and the Quileute Tribe.
    The interest rate is 2.83 percent for businesses and 1.875 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, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.
    Mark W. Randle
    Mark.Randle@sba.gov, 916-735-1500