Low-interest loans are available through the Small Business Administration (SBA) to individuals, businesses and nonprofits who lost property in the summer’s wildfires.
The loans — up to $200,000 — are available to renters as well as homeowners, and can be used to repair or replace damaged or destroyed real estate. These individuals can also apply for up to $40,000 for damaged or destroyed personal property.
Businesses of all sizes and most private nonprofits can apply for loans up to $2 million to repair or replace damaged or destroyed real estate, equipment and inventory, as well as to prevent future damage.
Small businesses, farmers and nonprofits can obtain economic-injury loans to make up for a loss in revenue connected with the disaster, even if they suffered no property damage.
Interest rates can be as low as 1.875 percent for homeowners and renters, 4 percent for businesses, and 2.625 percent for nonprofits, with terms up to 30 years. Loan amounts and terms are set by the SBA, based on each applicant’s financial condition.
SBA made its own disaster declaration on Oct. 28, which is separate from any assistance provided by the Federal Emergency Management Agency. The disaster period is Aug. 9 through Sept. 10.
The declaration makes SBA assistance available in Okanogan, Chelan, Douglas, Ferry, Grant, King, Kittitas, Lincoln, Skagit, Snohomish and Whatcom counties.
There are two local disaster-loan outreach centers:
- Okanogan Bingo Casino Administration Building in Okanogan; open Monday through Friday, 9 a.m. to 6 p.m.
- Lake Chelan Chamber of Commerce in Chelan, Monday through Friday; open 9 a.m. to 4:30 p.m.
No appointment is necessary. Both centers are closed on Nov. 11 (Veterans Day).
Information and applications are also available from SBA’s customer service center at (800) 659-2955 or by email to email@example.com. Information is available online at www.sba.gov/disaster.
Applications may be also made online at https://disasterloan.sba.gov/ela.
The deadline to apply for property-damage loans is Dec. 28. The deadline for economic-injury applications is July 28, 2016.