Low-interest loans available to western Washington residents impacted by bomb cyclone

KING COUNTY, Wash. — When trees came crashing down around Fernando Paredes’ home in Mirrormont, he rushed inside to escape the devastating winds carried in by last month’s bomb cyclone.

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Once the storm finally passed, Paredes and his family found themselves essentially trapped with massive trunks stretched out across their steep driveway. Fortunately, the home itself was spared.

In the days that followed, Paredes hired a crew to clear away at least 15 fallen trees, only to find out his insurance company refused to cover the costs. He took out a credit card to pay the $15,000 for the tree cleanup and is facing another $10,000 to have the downed timber hauled away.

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Paredes is now hopeful that he will qualify for a low-interest federal loan from the U.S. Small Business Administration (SBA), which declared King County a disaster zone last week.

Representatives of the SBA arrived this week to begin setting up a Disaster Loan Outreach Center.

People who suffered storm damage will be able to show up and get questions answered and people can come to get assistance to apply for financial assistance from the federal government.

The SBA is working to make loans available to businesses, nonprofit organizations, homeowners, and renters in King, Kitsap, Kittitas, Pierce, Snohomish, Chelan, and Yakima counties.

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According to SBA, 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.

SBA can lend up to $500,000 to homeowners to repair or replace their damaged primary residence and up to $100,000 to homeowners and renters who lost personal property, including cars.

Economic injury assistance is also available to cover the loss of customers during the extended power outages, which lasted up to five days in some areas.

Money is available to fund improvements to mitigate future damage from storms and other disasters.

On Monday, SBA will open the Disaster Loan Outreach Center, although the exact location has not yet been announced.