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SBA Stands Ready to Assist Washington Residents and Businesses Affected by the Flooding and Mudslide

 


Disaster News

Release Number: WA 13924-01

Release Date: April 2, 2014

Media Contact: Richard Jenkins

Phone: (916) 735-1500

SBA Stands Ready to Assist Washington

Residents and Businesses

Affected by the Flooding and Mudslides

SACRAMENTO,

Calif. -

Low-interest federal disaster loans are now available to Washington residents and business owners as a

result of President Obama's major disaster declaration, U. S. Small

Business Administration (SBA) Acting Administrator Marianne O'Brien Markowitz

announced.

The

declaration covers Snohomish County, including

the Sauk-Suiattle, Stillaguamish and Tulalip Tribes as a result of flooding

and mudslides that began on March 22,

2014.

"The U. S. Small Business Administration is

strongly committed to providing Washington with the most effective and

customer-focused response possible and with access to federal disaster loans to

help residents and businesses affected by the flooding and mudslides," said Markowitz. "Getting our businesses and communities up

and running after a disaster is our highest priority at SBA."

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, nonprofit

organizations may borrow up to $2 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 homeowners and business owners 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, small agricultural cooperatives, small businesses

engaged in aquaculture, and most private, nonprofit organizations of any size,

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 2.25 percent for homeowners and renters, 4 percent for businesses,

and 2.625 percent for private, non‑profit organizations, with terms

up to 30 years. Loan amounts and terms

are set by SBA and are based on each applicant's financial condition.

To be considered for all forms of disaster

assistance, victims must first call the Federal Emergency Management Agency

(FEMA) at (800) 621-FEMA (3362). As soon

as Federal-State Disaster Recovery Centers are opened throughout the affected

area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the

location of disaster recovery centers is available by calling the SBA Customer

Service Center at (800) 659-2955.

SBA Field Operations

Center - West, P.O. Box 419004, Sacramento, CA 95841

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