SACRAMENTO, Calif. – The State/Federal Disaster Recovery Center in North Sioux City will convert to a U.S. Small Business Administration’s Disaster Loan Outreach Center on Monday, Oct. 7. The center will relocate to operate at the City Hall-North Sioux City from 8 a.m. to 5 p.m., weekdays through Tuesday, Oct. 22, at close of business.
“At this stage of the recovery process, the emphasis for assistance is to meet the long-term needs of businesses and individuals that were impacted by severe storms, straight-line winds and flooding that occurred June 16–July 8,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “The transition of the North Sioux City Disaster Recovery Center to an SBA Disaster Loan Outreach Center will better meet the current needs of Union County residents.”
In addition, SBA customer service representatives will continue to be available at the Canton combined Business Recovery Center/Disaster Loan Outreach Center in Lincoln County.
“When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet,” Sánchez continued. “At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”
“SBA customer service representatives will continue to answer questions, explain the application process, help businesses and individuals apply for a low-interest disaster loan and close their approved disaster loans,” Sánchez added. The Disaster Loan Outreach Centers will be open on the days and times indicated. No appointment is necessary.
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UNION COUNTY |
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“SBA’s low-interest federal disaster loans are available to businesses of all sizes 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. So far, SBA has approved nearly $4.6 million in low-interest disaster loans to businesses and residents,” Sánchez said.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez added. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
SBA provides federal low-interest disaster loans up to $500,000 to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent 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.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at https://www.disasterassistance.gov.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. 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. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage is Oct. 15, 2024. The deadline to apply for economic injury is May 15, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.