The Small Business Administration approved more than $25 million in federal disaster loans for Iowa businesses and residents impacted by severe storms and flooding that occurred March 12 through May 16.
Director Tanya Garfield said SBA has approved rebuilding and recovery funds totaling $2,346,600 for businesses and $22,737,100 for residents.
Businesses and residents in Fremont, Harrison, Louisa, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury Counties that sustained damages are encouraged to register prior to July 1 with the Federal Emergency Management Agency at disasterassistance.gov., Garfield said.
One-on-one assistance to disaster loan applicants at the following Disaster Recovery Centers is available.
- Fremont County — 2014 290th Ave., Sidney: Thursdays through Saturdays 9 a.m. to 6 p.m., closes Saturday at 2 p.m.
- Scott County — 101 West Third St., Ste 111, Davenport: Mondays through Thursdays 9 a.m. to 6 p.m., Fridays 8 a.m. to 4:30 p.m.
- Scott County — 320 West Kimberly St., Ste 3001, Davenport: Mondays through Saturdays 10 a.m. to 6 p.m.
Businesses and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. These low-interest federal disaster loans are available in Fremont, Harrison, Louisa, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury Counties in Iowa.
Economic injury assistance is available regardless of whether the business suffered any property damage. These economic injury disaster loans are available in Audubon, Carroll, Cass, Cedar, Cherokee, Clinton, Crawford, Des Moines, Fremont, Harrison, Henry, Ida, Johnson, Louisa, Mills, Monona, Montgomery, Muscatine, Page, Plymouth, Pottawattamie, Scott, Shelby, Washington and Woodbury counties in Iowa.The deadline to apply for economic injury is Dec. 23.
Interest rates can be as low as 4% for businesses, 2.75% for private nonprofit organizations and 2.063% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email email@example.com for more information on SBA disaster assistance.
Individuals who are deaf or hard of hearing may call 800-877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.