New financial help available for bomb cyclone damage

New funding is available for businesses and homeowners impacted by November’s bomb cyclone.

The loans are provided by the U.S. Small Business Administration (SBA) for people with property or economic damage in western Washington. The Disaster Loan Outreach Centers at the Bellevue Library and King County Election Headquarters in Renton are open to anyone who needs help filling out an application.

State leaders say at least $11 million worth of damage was done in King County alone.

Representative Kim Schrier tells KIRO 7 that she lives in Sammamish, where some of the worst damage was.

“Power was out for many days, people couldn’t get to work, roads were blocked, trees were down, neighbors had trees through roofs,” Schrier said.

Javier Caltenco with the SBA said the loan money can be used to fix damaged homes, property, and businesses if granted.

“We understand how people can feel losing everything, that’s why we want to be present and be here and help them as much as we can,” Caltenco said.

This funding is available for seven western Washington counties including King, Pierce, and Snohomish.

Homeowners can borrow up to $500,000 for property damage and an additional $100,000 for damaged belongings.

Business owners can apply to borrow up to $2 million.

“These are sliding scale loans but with lower interest and long repayment periods,” Schrier said. “They’re designed to help people get to normal as quickly as possible.”

The filing deadlines are February 21 for property damage and September 23 for economic damage.

The centers in Renton and Bellevue will be open for the next few weeks for appointments or walk-ins if you need a little extra help.

You can find more information here.

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