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U.S. Small Business Administration offering low-interest federal disaster loans to businesses affected by March 9 natural gas explosion

The Phinney Neighborhood Association has received word that the U.S. Small Business Administration has officially agreed to offer low-interest federal disaster loans to businesses affected by the March 9 natural gas explosion that destroyed three businesses and damaged another 50.

Here’s the email the PNA sent to affected businesses:

Yesterday we heard from the US Small Business Administration (SBA) that they are offering disaster assistance to small businesses economically impacted by the Greenwood Gas Explosion.

The SBA is offering low-interest federal disaster loans for working capital. SBA acted under its own authority to declare a disaster following a request received on April 29, from Gov. Jay Inslee.

“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,” said SBA’s Seattle District Director Nancy Porzio.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Porzio added.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

Get help: The Washington Small Business Development Center (SBDC) is offering free, personalized consulting to help affected businesses in their recovery. Businesses owners may contact the SBDC from 8 a.m. – 5 p.m. by telephone at (509) 358-7765.