Bolt Creek Fire Declared an Economic Injury Disaster, Federal Loans Now Available to Affected Organizations
Low-interest disaster loans of up to $2M are available for King and Snohomish County small businesses, farms, and non-profits affected by the fire
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) announced that the Small Business Administration (SBA) is now accepting applications for Economic Injury Disaster Loans from organizations affected by the Bolt Creek Fire, which has burned more than 14,000 acres of surrounding area over nearly two months. Sen. Cantwell has been working with the SBA to ensure the loans were made available as quickly as possible.
Small businesses, farms, and non-profits may apply for the loans to cover necessary expenses that couldn’t be met because of the fire.
“Highway 2 closed seven different times during the Bolt Creek Fire crisis, cutting local businesses off from supplies and customers,” said Senator Cantwell. “These low-interest loans can help small businesses pay their bills and retain valued employees as revenues gets back to normal. We have to continue to improve the Highway 2 corridor and opportunities for businesses.”
The interest rates for the loans are low: 3.040% for businesses, and 1.875% for non-profit organizations. Terms are up to 30 years.
No-collateral loans of up to $25,000 are available. The maximum loan amount is $2 million. The loan length and amounts are determined by the SBA based on the details of the application.
Applicants may apply online at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information. A fact sheet about the loans is available HERE. The filing deadline is August 30, 2023.
During the Bolt Creek Fire, which started on September 10, U.S. Highway 2 closed seven different times. On October 28, Sen. Cantwell, U.S. Representative Kim Schrier (WA-08) and U.S. Representative Suzan DelBene (WA-01), visited Sultan, WA and met with local leaders about potential fire impacts. That same day the Members sent a letter to the Forest Service, urging them to expedite emergency repairs. On November 8, the Forest Service announced that emergency repairs had begun. Since then, the Senator has been in contact with the SBA to ensure that Economic Injury Disaster Loans were made available as soon as possible.
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