Small Business Administration reps in Cedar Rapids Monday with disaster loans

CEDAR RAPIDS - Beginning Monday, U.S. Small Business Administration representatives will be available at the Linn County Emergency Management Agency on the Kirkwood Community College campus to discuss low-interest federal disaster loans for Iowans who had damage to real estate or personal property in recent storms and flooding.

Cedar Rapids City Manager Jeff Pomeranz said Cedar Rapids residents were among Iowans who suffered substantial damage, especially in late June, and he said the City Council and he have been working with the Iowa congressional delegation and state officials to help line up the SBA's visit.

'These people need help, and we have been working hard to provide resources and assistance to those who need it,” Pomeranz said.

Disaster loans up to $200,000 are available to homeowners to repair or replace real estate while homeowners and renters are eligible for up to $40,000 to repair or replace personal property.

Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The SBA also can 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 and most private, non-profit organizations, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. The 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 non-profits 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 via SBA's secure website at https://disasterloan.sba.gov/ela in addition to appearing in person at the Linn County Emergency Management Office, Facilities and Security Building, 6301 Kirkwood Blvd. SW.

SBA representatives will be on hand beginning at 11 a.m. Monday and will be available during the workweek through Aug. 7

HOW TO APPLY

l What: Small Business Administration representatives will be on hand to discuss federal disaster loans for storm-affected property owners.

l When: Beginning at 11 a.m. today and continuing weekdays through Aug. 7.

l Where: Linn County Emergency Management Office, Facilities and Security Building, 6301 Kirkwood Blvd. SW, Cedar Rapids.

l Online: Loan applicants also may apply online at https://disasterloan.sba.gov/ela