The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Washington of the upcoming deadline to apply for federal disaster loans. These loans are intended to offset economic losses caused by the drought that began on June 25, 2024. The deadline for applications is April 21, 2025.
This disaster declaration affects several counties, including Adams, Benton, Chelan, Douglas, Ferry, Franklin, Grant, Island, King, Kittitas, Lincoln, Okanogan, Pierce, San Juan, Skagit, Snohomish, Whatcom and Yakima.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers financial support to small businesses and private nonprofits that experienced financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they are small aquaculture enterprises.
These loans can be used for working capital needs resulting from the disaster and do not require physical damage to have occurred. Businesses can use the funds to cover fixed debts and other bills impacted by the drought.
“Through a declaration by the U.S. Secretary of Agriculture," stated Chris Stallings from the SBA's Office of Disaster Recovery and Resilience,"SBA provides critical financial assistance to help communities recover.” He added that they are "pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
Eligible applicants may receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs. The loan terms can extend up to 30 years with no interest accrual or payments required until one year after the first disbursement.
For more information or assistance with applications, interested parties can visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. People who are deaf or hard of hearing can access telecommunications relay services by dialing 7-1-1.
Completed applications must be submitted before April 21.