SBA Opens Disaster Loan Program for Washington Bomb Cyclone

The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are now available to Washington businesses and residents affected by the Bomb Cyclone that occurred November 17-25, 2024. The disaster declaration, made in response to a request from Governor Jay Inslee, covers Chelan, King, Kitsap, Kittitas, Pierce, Snohomish, and Yakima counties.

Businesses of all sizes, most private nonprofit organizations, homeowners, and renters whose property was damaged or destroyed by the Bomb Cyclone are eligible to apply for assistance. SBA disaster loans can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Homeowners can borrow up to $500,000 to repair or replace damaged real estate, while homeowners and renters are eligible for up to $100,000 to repair or replace damaged personal property.

In addition to property damage loans, the SBA also offers Economic Injury Disaster Loans to help businesses meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

The SBA will soon open a Disaster Loan Outreach Center where disaster representatives will be available to answer questions and assist with the application process. Applicants may also apply online, by phone, or by email. The deadline to apply for property damage assistance is February 21, 2025, and the deadline to apply for economic injury assistance is September 23, 2025.

For more information on SBA disaster assistance, please visit SBA.gov/disaster or call SBA’s Customer Service Center at (800) 659-2955.