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SBA urges Mercer Island residents, businesses to apply for disaster loans after December flooding
Summary
A Small Business Administration representative told the council and public that low‑interest disaster loans are available after December flooding, with a June 10 deadline for physical‑damage applications; homeowners, renters and nonprofits have different loan limits and rates.
A Small Business Administration representative urged Mercer Island residents and businesses to apply for disaster loans related to December flooding, noting a fast‑approaching June 10 deadline for physical‑damage applications.
Sabria Leica, appearing with colleague Charles Knight, said homeowners and renters can borrow up to $100,000 for personal property or automobile damage at about a 2.8% rate, nonprofits may qualify for up to $2 million at roughly 3.6%, and businesses can also apply for economic injury assistance with a later deadline in January. She emphasized mitigation loans are available to strengthen foundations and rebuild for greater flood resilience and asked the city to help amplify outreach to the community.
The SBA representative described the loans as a bridge for those who are underinsured or uninsured and asked council and city staff to help spread word of the programs and deadlines. Staff did not take formal action at the meeting, but the presentation was entered into the public record and the SBA requested city assistance with outreach.
