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IA 14045-03 Three Weeks Left To Apply For SBA Disaster Loans
SACRAMENTO, Calif. - Joseph M. Folsom, Director of the U. S. Small Business Administration’s (SBA) Iowa District Office, announced today that individuals and businesses who have suffered property damage as a result of the severe storms, flooding, straight-line winds and tornadoes that occurred June 14 ‑ 23, 2014, have until September 8, 2014, to apply for a U. S. Small Business Administration disaster loan.
According to Folsom, SBA is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps fund repairs or rebuilding efforts and covers the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance and do not duplicate benefits of other agencies or organizations.
These low-interest federal disaster loans are available to Iowa residents and businesses in the Iowa counties of Lyon and Sioux; the neighboring Iowa counties of Cherokee, O’Brien, Osceola and Plymouth; the neighboring Minnesota counties of Nobles and Rock; and the neighboring South Dakota counties of Lincoln, Minnehaha and Union.
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 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. SBA can also lend additional funds 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, 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. 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 on 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 email@example.com. 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 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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