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Following a request from Governor Tina Kotek, several Oregon counties have been included in a Small Business Administration (SBA) Economic Injury Disaster Loan declaration for the January winter storm. Washington County small businesses that suffered economic losses due to the storm, including private nonprofit organizations, may qualify for Economic Injury Disaster Loans (EIDL) of up to $2 million to help meet financial obligations and operating expenses. 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.
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 3.25 percent for private nonprofit organizations, with terms up to 30 years.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. For those with questions about the EIDL program, the application process or need help to complete the application, please contact the SBA virtual business recovery center, Monday through Friday from 8:00 a.m. – 4:30 p.m. at [email protected] or 916-735-1531. The deadline to apply is November 8, 2024.
Additional resources for small businesses in Washington County can be found at www.washingtoncountyor.gov/economic-development/resources/your-business-needs.
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