The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for small businesses affected by the Bolt Creek fire that burned more than 14,000 acres between Skykomish and Index from Sept. 10 to Oct. 21.
Washington Gov. Jay Inslee on Tuesday requested the SBA declare a disaster as a result of the wildfire, which SBA said it did Thursday.
Small-loan assistance will be available in Chelan, Island, King, Kitsap, Kittitas, Pierce, Skagit, Snohomish and Yakima counties, according to SBA.
“We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild," SBA administrator Casillas Guzman said in a press release.
“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,” added Tanya Garfield, director of SBA’s Disaster Field Operations Centers in the west.
The loans may be used to pay debts and other accounts and bills that couldn't be paid due to the Bolt Creek fire, SBA said.
Eligibility of the loans is based on the financial impact of the fire and not on any property damage, SBA said.
Interest on the loans will feature a rate of 3% for small businesses and 1.9% for private nonprofit organizations with terms up to 30 years, SBA said. The loans "are restricted to small businesses without the financial ability to offset the adverse impact without hardship," SBA added.
Click here for more information about the loans and to apply.