SBA disaster loan deadline looms for tornado victims

Deadline is March 26

Port Orchard residents and businesses at the blunt end of the visit by a December 18 tornado have until March 26 to apply for a Small Business Administration (SBA) federal disaster loan for property damage they suffered.

Director Tanya Garfield of the U.S. Small Business Administration’s Disaster Field Operations-West said businesses of all sizes, most private nonprofit organizations, homeowners and renters may apply for SBA federal disaster loans to repair or replace disaster-damaged property. Garfield also said SBA can lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

These low-interest federal disaster loans are available in Kitsap, King, Mason and Pierce counties. Businesses 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.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.74 percent for businesses, 2.75 percent for private nonprofits and 2 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.

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