SACRAMENTO — The deadline is April 5 to apply for Small Business Administration loans to offset economic losses from last summer’s drought in Jefferson and Clallam counties.
Residents of the North Olympic Peninsula are among those in 35 counties in Washington state in which non-farm residents are eligible to apply for low-interest loans, said Tanya N. Garfield, director of the U.S. Small Business Administration’s Disaster Field Operations Center-West.
Jefferson is among the primary counties eligible.
Other counties eligible are Adams, Asotin, Chelan, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, King, Kitsap, Kittatas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pierce, Skagit, Skamania, Snohomish, Spokane, Stevens, Thurston, Wahkiakum, Whatcom, Whitman and Yakima.
Some counties in Idaho and Oregon also are eligible.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size can apply for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet working capital needs caused by the disaster.
“EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” Garfield said.
The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations, with terms up to 30 years.
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.
Agricultural enterprises can contact the Farm Services Agency about U.S. Department of Agriculture assistance.
However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants can apply online at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling 800-659-2955 or emailing disastercustomerservice@sba.gov. Those deaf or hard of hearing can call 800-877-8339.
For more disaster assistance information or to download applications, visit www.sba.gov/disaster.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
