Economic Injury Disaster Loans for Small Businesses

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Washington small businesses suffering economic injury as a result of COVID-19. Loan amounts are up to $2 million and long-term repayment terms are available. The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofit organizations.

More details are available or on the city of Seattle’s Office of Economic Development site.

OED is also providing assistance to businesses applying for these loans, including helping them navigate the application process and assemble the required documents. Businesses interested in these services should call SBA’s Customer Service Center at (800) 659-2955 or email for more information. OED staff will reach out within one business day. If a business needs assistance completing the intake they can call OED directly at (206) 684-8090.