The damage in Marshalltown from last month’s EF-3 twister is so severe, the U.S. Small Business Administration is now staffing an office in the central Iowa city to process loans to rebuild.
SBA spokesman Burl Kelton says the low-interest loans are for business owners, in addition to homeowners and renters who saw damage in the powerful July 19th storm. Kelton says, “We have statutory interest rates, the maximum term is 30 years, and for businesses $2-million of actual damage, for homeowners $200,000 for physical damage and $40,000 for personal property, including vehicles.”
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