Portland small businesses and nonprofits hit by January's debilitating winter storm now have a financial lifeline thanks to federal and city disaster aid programs. In a proactive move, federal low-interest disaster loans have been made available, while the city's Restore Grant Program promises grants of up to $25,000 to cover related expenses, as reported by OregonLive. The application window for the Restore Grant Program remains open until Feb. 29 and is accessible via Prosper Portland's website.
This financial support comes as a relief for business owners who grappled with lost revenue due to hazardous travel conditions, and power outages leading to closures, "We know that January and February are already a challenging time for many retailers. The ice storm brought added and unnecessary stress to business owners," Portland Mayor Ted Wheeler expressed in a statement obtained by KGW.
The Small Business Administration (SBA) issued a Disaster Declaration in response to the storm, following a request from Oregon Governor Tina Kotek. This declaration enables small businesses, small agricultural cooperatives, and nonprofits in the affected area to apply for the SBA’s Economic Injury Disaster Loan program. Businesses across multiple counties in Oregon and parts of southwest Washington are eligible for these essential funds as specified by OregonLive.
With about 60% of western Oregon's restaurants at risk of failing after the storm shutdowns, calls for a more robust response to extreme weather conditions have grown louder. "We appreciate Mayor Wheeler, Commissioner Rubio and Director Branam for their swift and astute response in securing vital storm relief grant funding tailored to the unique challenges faced by our cherished independent restaurants, bars and food trucks," Naomi Pomeroy, chef and founder of the Independent Restaurant Alliance of Oregon, told KGW. Additionally, experts from Prosper Portland’s Small Business Hub are standing by to guide owners through the application process for loans, grants, and other business support services, as highlighted by KOIN.
The business community's resilience is being matched by a combination of governmental action and local support, with the hope of restoring the vibrancy that Portland's small businesses and nonprofits contribute to the fabric of the city. The combined efforts of federal and city programs offer a crucial opportunity for these establishments to bounce back after nature's icy grasp tightened around their fiscal throats. Qualified businesses seeking to mitigate operational costs such as worker pay, rent, and utilities can do so with the offered assistance, avoiding the burden of immediate repayments in the recovery phase as interest defers for a year, according to OregonLive.
