SBA Offers Disaster Assistance to Iowa Residents and Businesses Affected by Severe Storms and Flooding
SACRAMENTO, Calif. – Low-interest federal disaster loans are available to Iowa residents and business owners affected by severe storms and flooding that occurred from June 26 – July 9, 2014, U. S. Small Business Administration (SBA) Administrator Maria Contreras-Sweet announced today. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Terry E. Branstad on July 22, 2014.
The disaster declaration makes SBA assistance available in the Iowa county of Linn and the neighboring Iowa counties of Benton, Buchanan, Cedar, Delaware, Iowa, Johnson and Jones.
“The U. S. Small Business Administration is strongly committed to providing Iowa with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said Contreras-Sweet. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by this disaster,” said SBA’s Iowa District Director Joseph M. Folsom. “Beginning Monday, July 28, SBA representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Folsom continued. The center will be open on the days and times indicated until further notice. No appointment is necessary.
Disaster Loan Outreach Center
Linn County Emergency Management Agency
Kirkwood Community College Campus
Facilities and Security Building – Main Entrance
6301 Kirkwood Boulevard SW
Cedar Rapids, IA 52404
Opens Monday, July 28 at 11 am
Mondays - Fridays, 9 am – 6 pm
Closes Thursday, August 7 at 6 pm
Disaster 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.
Businesses of any size 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. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 2.188 percent for homeowners and renters, 2.625 percent for private, nonprofit organizations and 4 percent for businesses, 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 using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing email@example.com. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.
The filing deadline to return applications for property damage is September 22, 2014. The deadline to return economic injury applications is April 24, 2015.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841