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SBA outlines low-interest disaster loans for businesses and residents affected by November storm
Summary
A U.S. Small Business Administration representative briefed the Renton City Council on loan programs for physical damage and economic injury from the November bomb cyclone, with local application centers and deadlines.
Good evening. My name is Javier, public information officer with the U.S. Small Business Administration, office of disaster recovery and resilience, and SBA is offering low interest federal disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners, and renters who were affected by the bomb cyclone that happened back in November, Javier said.
The SBA presentation explained two loan types for businesses: physical damage loans to repair or replace real estate, machinery, equipment and similar losses, and Economic Injury Disaster Loans (EIDL) to provide working capital for businesses and nonprofits to cover payroll and utilities. Loan limits for businesses and nonprofits are up to $2,000,000 combined for physical and economic injury loans, Javier said.
Homeowners may be eligible for up to $500,000 to repair or replace a primary residence, and homeowners and renters may apply for up to $100,000 to repair or replace personal property such as vehicles, appliances and furniture. Javier said benefits include no application fee, no prepayment penalty, loan terms up to 30 years, and a 0% interest rate for the first 12 months for approved loans.
Deadlines given during the presentation were Feb. 21 for applications related to physical damage and Sept. 23, 2025 for economic injury applications. Javier also gave interest-rate ranges cited by SBA: “as low as 2.567%” for homeowners, about 4% for businesses and 3.625% for nonprofits. As of his remarks the SBA had offered more than $1.5 million under the declaration and dispersed more than $143,000.
Javier said there are two open disaster assistance centers, one in Bellevue and another in Renton, and that a third center would open in Monroe the following day. He identified the Renton site as the King County Elections Voting Center and said it is open Monday through Friday, 8:30 a.m. to 4:30 p.m. He also provided a phone number, 800-659-2955, and the online application at lending.sba.gov.
Council members thanked the presenter and asked for the Renton center address to be confirmed; Javier confirmed the center location as the King County Elections Voting Center and repeated the hours. The presentation was informational; no formal action was taken by the council.
