Gov. Reynolds announces SBA disaster assistance for 7 storm-damaged counties
Gov. Kim Reynolds announced Friday that the U.S. Small Business Administration (SBA) has declared a disaster for seven Iowa counties impacted by severe storms and flooding July 19-23. Gov. Reynolds requested the SBA disaster declaration on Aug. 2.
The SBA disaster declaration makes assistance available in Black Hawk, Bremer, Buchanan, Butler, Chickasaw, Fayette and Floyd counties. Affected residents and business owners in these counties may now apply for low-interest loans from the SBA.
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 happening again 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. Economic injury assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.75 percent for homeowners and renters, 2.5 percent for private, nonprofit organizations and 3.305 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Impacted homeowners, renters, businesses of all sizes and private, nonprofit organizations in the designated counties may apply for assistance at the Disaster Loan Outreach Center in Sumner beginning Aug. 8.
Disaster Loan Outreach Center
Sumner Recycling Center
300 Pleasant St.
Sumner, IA 50674
Hours: Monday-Friday 8 a.m.-5 p.m.
Closes Aug. 22 at 5 p.m.
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 firstname.lastname@example.org 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
The filing deadline to return applications for property damage is Oct. 2, 2017. The deadline to return economic injury applications is May 3, 2018.