SBA Disaster Relief Assistance for Small Businesses in Washington

The Small Business Administration (SBA) deployed its mobile unit to Friday Harbor, Washington, on April 21, to assist communities impacted by December's floods. This initiative aims to inform residents of potential relief options for economic losses suffered due to the disasters.

Victoria Compton, Executive Director of the San Juan County Economic Development Council (EDC), hosted the SBA’s outreach. She noted that San Juan County's proximity to the disaster zones qualifies it for economic injury assistance. This support is especially crucial for business owners affected by decreased tourism following flood damage. Eligible individuals must file claims by June 10.

Michelle Genovese, a Public Affairs Specialist with the SBA, emphasized their broader mission during her visit. In addition to supporting small businesses, the SBA provides assistance to homeowners, nonprofit organizations, and churches affected by disaster-related issues. Their loans, sourced from the Federal Treasury, feature favorable terms with no interest for the first 12 months and flexible repayment options up to 30 years.

At the EDC’s office, attendees learned about various loan types during a presentation. These include options for physical damage and economic injury, with interest rates between 2% to 4%. Creditworthiness evaluations are based on credit history and repayment ability. Compton noted the minimal physical damage experienced by local businesses but praised the SBA for proactively making financial resources available, thereby strengthening the resilience of small enterprises in the region. More information on SBA's disaster relief programs can be found on their official website.