The U.S. Small Business Administration (SBA) has approved over $12 million in federal disaster loans to aid businesses, nonprofits, homeowners, and renters in Washington affected by the bomb cyclone from November 17-25, 2024. So far, $3 million has been allocated to businesses and $9 million to residents.
“Surpassing $12 million in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home and communities rebuilding stronger,” stated Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience. He added that these loans are crucial for recovery and encouraged those still in need to apply before the deadline.
Although the deadline for physical damage applications has passed, the SBA’s Economic Injury Disaster Loan (EIDL) program remains available for small businesses and private nonprofit organizations needing working capital due to the disaster. EIDLs can be used regardless of physical property damage to cover fixed debts, payroll, accounts payable, and other unpaid bills resulting from the disaster.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.625% for nonprofits. Terms extend up to 30 years with no interest accrual or payments required until 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applications can be submitted online at SBA.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by September 23.
The U.S. Small Business Administration supports American entrepreneurs with resources necessary for business growth or recovery from disasters through a network of field offices and partnerships with public and private organizations. More information is available at www.sba.gov.