SBA Relief Still Available to Washington Small Businesses and Private Nonprofits Affected by Summer Drought

The U. S. Small Business Administration (SBA) is reminding small businesses and private nonprofits in Washington that they can apply for low-interest federal disaster loans by April 21, 2025. This opportunity comes in response to economic losses caused by a drought that began on June 25, 2024, affecting several counties throughout the state. The SBA's Economic Injury Disaster Loan (EIDL) program is designed to assist those with financial losses related to the disaster, even if they did not suffer physical damage.

Loan amounts can go up to $2 million, with competitive interest rates starting at 4% for small businesses and 3. 25% for nonprofits. Payments on these loans are deferred for 12 months from the first disbursement, providing much-needed breathing room for recovery. Chris Stallings, the SBA's associate administrator for Disaster Recovery and Resilience, underscored the importance of this financial assistance in helping communities bounce back. Interested applicants can apply online or contact the SBA for more information.

The deadline for completing loan applications is April 21, 2025, making timely action essential for those affected.