Businesses impacted by NE Portland scrapyard fire encouraged to apply for SBA loans

April 3, 2018

Photo courtesy of Multnomah County Communications
Businesses that suffered economic losses due to the five-alarm fire at a scrapyard in Northeast Portland on March 12, 2018 are encouraged to complete a worksheet which may help them secure a low-interest loan from the federal Small Business Administration (SBA). Current rates are in the high 2% to low 3% range.

When disasters of a certain size occur, the SBA is able to make Economic Injury Disaster loans available to impacted small businesses. The worksheet can be downloaded at https://multco.us/file/70463/download. For more information on the loans, visit the SBA website at https://disasterloan.sba.gov/ela or Multnomah County Emergency Management at https://multco.us/em.

Completed worksheets should be emailed to Multnomah County Emergency Management at: em.dutyofficer@multco.us by close of business on April 10, 2018. Extensions can be requested before April 10. Multnomah County is coordinating the submission of forms to the SBA. Federal rules require that at least five businesses submit requests before Oregon can request support from the SBA. Submitting a worksheet does not require a business to apply for an SBA loan.

The SBA can provide up to $2 million to help a business meet financial obligations and operating expenses that could have been met had the disaster not occurred. Loan amounts are based on actual economic injury and a company’s financial needs, regardless of whether the business suffered any property damage. Small businesses, most private nonprofit organizations, and small agricultural cooperatives are eligible.