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SBA representative urges local businesses to apply for disaster-recovery loans
Summary
Valerie Pitts of the Small Business Administration told the council during public comment that low-interest disaster-recovery loans are available for businesses affected by a recent December disaster, with quoted interest rates as low as 4%, up to about 8%, and a lending cap she described at $2 million.
Valerie Pitts, identifying herself with the Small Business Administration's Office of Disaster Recovery, addressed the Yelm City Council during public comment on May 26 to urge local businesses harmed by a recent December disaster to apply for SBA support.
"We have interest rates as low for businesses as low as 4%," Pitts said, adding that some rates were "right at 8%" depending on the loan product and that the program has a lending cap she described as $2 million. She said applicants must demonstrate the ability to repay loans and have acceptable credit, and she told the council she would email application forms to local contacts the following day.
Pitts framed the outreach as help for businesses that suffered economic injury and revenue losses tied to the December event. She asked interested business owners to apply and noted the SBA can provide guidance on eligibility and documentation.
The council did not take action on the comment but thanked Pitts for providing application materials and for the outreach to local businesses.
