SACRAMENTO, Calif.
– Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved $30.1 million in federal disaster loans for Iowa businesses and residents impacted by severe storms and flooding in occurred March 12 – June 15, 2019. According to Garfield, SBA has approved $3,215,100 for businesses and $26,929,900 for residents to help rebuild and recover from this disaster.
Garfield said, “Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage.”
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
These low-interest federal disaster loans are available in:
Iowa counties: 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 & Woodbury;
Illinois counties: Henderson, Mercer & Rock Island;
Missouri county: Atchison;
Nebraska counties: Burt, Cass, Dakota, Douglas, Otoe, Sarpy, Thurston & Washington;
South Dakota county: Union.
The interest rate is 4 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. The deadline to apply for economic injury is Dec. 23, 2019.
Applicants may apply online, receive additional disaster assistance information and download applications at
https://disasterloan.sba.gov/ela
. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email
disastercustomerservice@sba.gov
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, TX 76155.