SBA Opens Two Disaster Loan Outreach Centers to Assist with Bomb Cyclone Recovery
The?U.S. Small Business Administration (SBA)?announced it will open two Disaster Loan Outreach Centers (DLOC) in Washington on Monday, Jan. 6, 2025 at the locations listed below. The centers will assist businesses and residents who sustained economic losses and physical damages from the Bomb Cyclone that occurred Nov.?17?25,?2024.
Walk-ins are accepted, but appointments can be scheduled in advance at?appointment.sba.gov. The DLOC hours of operation are listed below.
Bellevue, Washington
KING COUNTY Disaster Loan Outreach Center
Bellevue Regional Library Room #5, Second Floor
Opens at 10 a.m. Monday, Jan. 6
Mondays, Thursdays, Fridays,?10 a.m.–6 p.m. Tuesdays and Wednesdays, 11 a.m.-7 p.m.
Closed Monday, Jan. 20, in?observance?of?MLK holiday
Renton, Washington
KING COUNTY Disaster Loan Outreach Center
King County Elections Vote Center Room
领英推荐
Opens at 8:30 a.m. Monday, Jan. 6
Mondays - Fridays, 8:30 a.m.–4:30 p.m.
Closed Monday, Jan. 20, in?observance?of?MLK holiday
Businesses of all sizes 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.
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 to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
SBA can also provide additional funds to businesses and homeowners to cover the cost of improvements aimed at protecting, preventing, or minimizing future disaster damage. Approved loans may qualify for an increase of up to 20% of their verified physical damages for mitigation purposes. Eligible improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to protect property and occupants from future damage.
Interest rates can be as low as 4% for businesses, 3.625% for private nonprofit organizations and 2.563% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
SBA’s Disaster Loan Program funding was replenished via the American Relief Act, 2025, which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours of the Act being signed into law, issued more than 21,000 outstanding commitment letters (loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly understand their loan options.
Applicants may apply online and receive additional disaster assistance information at?SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800)?659-2955 or email?[email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage loan is Feb. 21. The deadline to apply for an economic injury loan is Sep. 23.
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