A step forward for flooding recovery efforts

Last winter, we faced historic and devastating flooding in our communities. We need federal support to recover from the aftermath.

For several months now, I have been pushing for more federal support to address the lasting effects of the historic flooding. Last week, the U.S. Small Business Administration (SBA) took an important step forward in this effort. The SBA has made available low-interest federal disaster loans to Washington businesses impacted by severe flooding last December.

Businesses and nonprofits are eligible to apply for business physical disaster loans and economic injury disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Interest rates are as low as 4% for businesses, 3.625% for PNPs, and 2.875% for homeowners and renters with terms up to 30 years.

These loans are an important step in the disaster relief process, and I will keep fighting for more funds to help families and businesses in Northwest Washington make a full recovery. The declaration covers Skagit, Snohomish, Island, Whatcom, and San Juan counties in Northwest Washington.

More soon,

Rick