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Small Business Administration fights winter disaster

 

April 19, 2017



The U.S. Small Business Administration is offering low-interest federal loans for working capital to small businesses economically impacted by the severe winter storm that occurred Jan. 8-20, 2017, SBA Administrator Linda McMahon announced today. SBA acted under its own authority to declare a disaster following a request received on April 6 from Gov. Kate Brown.

The disaster declaration makes SBA assistance available in Clackamas, Columbia, Hood River, Marion, Multnomah, Wasco, Washington and Yamhill counties in Oregon; and Clark, Klickitat, and Skamania counties in Washington.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Oregon’s small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of this disaster,” said Administrator McMahon.

“Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said SBA’s Portland District Director Martin D. Golden.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Golden added.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.125 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

The Oregon Small Business Development Center is offering free, personalized counseling to help affected businesses with their recovery. For information, businesses may contact Noah Brockman by calling (503) 804-2074 or emailing noah.brockman@gmail.com.

Applicants may apply online using SBA’s secure website 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. Individuals who are deaf or hard of hearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit https://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.

The filing deadline to return economic injury applications is Jan. 11, 2018.

 

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