The U.S. Small Business Administration is taking applications for loans to assist individuals and businesses affected by January’s flooding and businesses affected by December’s snowstorms.

Flooding

Low-interest disaster loans are available to Renton businesses and residents following President Obama’s federal disaster declaration.

The damage to buildings and property from flooding must have occurred Jan. 6-16.

There are two deadlines that businesses and residents must meet.

• March 31 is the deadline for businesses and residents to apply for loans to help to recover from physical damage caused by the flooding.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Loans up to $2 million are available to businesses of any size and private, non-profit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

The Small Business Administration also can lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

• Oct. 30 is the deadline for small businesses, small agricultural cooperatives and most private, non-profit organizations to apply for loans to help them recover from the economic injury of the flooding. These loans are not available to individuals.

The Economic Injury Disaster Loans will help meeting working capital needs caused by the disaster. The assistance is available regardless of whether the business or non-profit suffered property damage.

Interest rates can be as low as 2.687 percent for homeowners and renters and 4 percent for businesses, with terms up to 30 years, according to the SBA. Loan amounts and terms are set by the SBA and are based upon each applicant’s financial condition.

Snowstorm

Only businesses, small agricultural cooperatives and most private, non-profit organizations can apply for assistance recovering from economic damage caused by the snowstorms Dec. 12-Jan. 5. The loans are not available to individuals.

The purpose of the loans is the same as for those given to the victims of the flooding. A loan of up to $2 million is available; the interest rate is 4 percent.

More details on all of the programs is available from the Small Business Administration.

To be considered for all forms of disaster assitance, victims must first call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362). Details on assistance centers can be obtained by calling the SBA Customer Service Center, 800-659-2955.

Also, applicants can apply online at disasterloan.sba.gov/ela.

Information is available at the City of Renton Web site, www.rentonwa.gov. Search for SBA at the homepage.