Cowlitz County Businesses and People Affected by January Flooding Can Apply for Low-Interest Federal Disaster Loans | Local
Businesses and residents affected by heavy rains and flooding in January in Cowlitz, Wahkiakum and Skamania counties can apply through April 18 for low-interest federal loans to cover the damage.
The U.S. Small Business Administration has declared flooding and winter weather conditions between Jan. 5 and Jan. 16 a disaster. The declaration is the necessary administrative step before the persons concerned can apply for the loans.
The federal government says loans of up to $2 million are available to businesses of any size or private nonprofits to replace property and equipment damaged during the declared disaster window.
Loans of up to $200,000 are available for homeowners to replace damaged real estate, and up to $40,000 are available for homeowners and tenants to replace damaged personal property.
Low-interest loans range from about 1.4% for homeowners and tenants, 1.9% for nonprofits, and 2.8% for businesses. Terms can be up to 30 years.
People also read…
Residents of Grays Harbor, Pacific, Pierce, Thurston, and Yakama counties may also apply. Applications for another type of loan, affecting businesses with economic losses from disasters, are due November 15.
People can also apply for flood insurance to protect their property before damage occurs. Longview Insurance owner Linda Doerr said flood insurance is federally issued and requires 30 days for policies to become effective once signed. She said renters, not just landlords, can apply for flood insurance.