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Disaster Press Releases

IA 14045-02 SBA Disaster Loan Outreach Centers in Rock Rapids and Rock Valley to Close

SACRAMENTO, Calif. – Joseph M. Folsom, the U. S. Small Business Administration’s (SBA) Iowa District Director, announced today that SBA will close its Disaster Loan Outreach Centers in Rock Rapids and Rock Valley on Thursday, July 31 at 5 pm.

“SBA opened the centers to provide personalized assistance to Iowa residents and business owners affected by the severe storms, flooding, straight-line winds and tornadoes that occurred June 14 ‑ 23, 2014, in Lyon and Sioux counties,” said Folsom.

“Until the centers close, SBA customer service representatives will continue to be available to meet with residents and business owners to answer their questions, explain SBA’s disaster loan program, help them complete their applications and close their approved disaster loans,” Folsom continued.

Residents and business owners can meet with SBA representatives on the days and times indicated below.  No appointment is necessary.

LYON COUNTY

Disaster Loan Outreach Center
114 First Avenue
(corner of First Avenue and Marshall Street)
Rock Rapids, IA  51246

Monday – Friday, 8:30 am – 5 pm

Closes Thursday, July 31 at 5 pm
 

SIOUX COUNTY

Disaster Loan Outreach Center
Faith Reformed Church
(lower level, southwest entrance, Room 5)
1305 7th Street
Rock Valley, IA  51247

Monday – Friday, 8:30 am – 5 pm

Closes Thursday, July 31 at 5 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 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 upon 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 disastercustomerservice@sba.gov.  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 8, 2014.  The deadline to return economic injury applications is April 8, 2015.

SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841

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Release Number: 
IA 14045-02
Release Date: 
Thursday, July 24, 2014
Contact: 
Richard Jenkins (916) 735-1500
Related State: 
Iowa
Field Operations Center: 
West