Homeowners, businesses affected by bomb cyclone may be eligible for loans

Homeowners, businesses and renters in seven Washington counties affected by the bomb cyclone in November may be eligible for low-interest government loans.

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The United States Small Business Association (SBA) made a disaster declaration for King County after the destructive storm from Nov. 17 to 25. This makes loans available to businesses of all sizes, private non-profit organizations, and homeowners and renters in Chelan, King, Kitsap, Kittitas, Pierce, Snohomish, and Yakima counties, the SBA said in a news release.

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The agency can lend up to $500,000 to homeowners to replace or repair a damaged primary residence, and as much as $100,000 to homeowners and renters who lost property, including cars.

Private nonprofits and businesses can borrow up to $2 million to replace or repair real estate damaged or destroyed in the storm, as well as machinery, equipment, inventory, and other assets.

Regardless of whether any property damage occurred, the SBA has Economic Injury Disaster Loans for small businesses and most private nonprofit organizations of any size to meet cash needs for short-term needs.

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In addition, the SBA said small businesses and homeowners may also be eligible for an increased loan of up to 20% of their damages to cover the cost of repair or replacement.

“Examples of mitigation improvement may include regrading landscaping to improve drainage, installing a French drain, installing a sump pump, insulating pipes, walls and attics, weather stripping doors and windows, and more,” the SBA said in the release.

To learn more, visit the SBA website.

A Disaster Loan Outreach Center with representatives to answer questions will open soon.