Government

SBA loans available for Iowa storms in June, early July

FILE PHOTO: The dome of the U.S. Capitol is seen in Washington. REUTERS/Kevin Lamarque
FILE PHOTO: The dome of the U.S. Capitol is seen in Washington. REUTERS/Kevin Lamarque

The U.S. Small Business Administration says low-interest federal disaster loans now are available to certain private nonprofit organizations in Iowa following President Donald Trump’s federal disaster declaration for public assistance for damage from storms, tornadoes, straight-line winds and flooding that occurred June 6 to July 2.

Private nonprofits that provide essential services of a governmental nature are eligible for assistance.

The low-interest federal disaster loans are available in these counties: Adair, Buchanan, Buena Vista, Cerro Gordo, Cherokee, Chickasaw, Clay, Dallas, Delaware, Dickinson, Emmet, Floyd, Hamilton, Hancock, Howard, Humboldt, Kossuth, Lyon, O’Brien, Osceola, Palo Alto, Pocahontas, Polk, Sioux, Story, Warren, Webster, Winnebago, Winneshiek and Wright.

Eligible private nonprofit organizations should contact Public Assistance Bureau Chief Katie Waters of the Iowa Homeland Security and Emergency Management Department by calling (515) 725-3231 or emailing katie.waters@iowa.gov to obtain information about applicant briefings, said Director Tanya Garfield of SBA’s Disaster Field Operations Center-West.

Federal officials may lend private nonprofits up to

$2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA also can lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

The interest rate is 2.5 percent with terms up to 30 years.

The deadline to apply for property damage is Oct. 19. The deadline to apply for economic injury is May 20, 2019.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.

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Applicants also may call SBA’s Customer Service Center at 1- (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

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