IA 15898-08 SBA Tops $25 Million in Disaster Assistance Loans

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $25 million in federal disaster loans for Iowa businesses and residents impacted by the severe storms and flooding that occurred March 12 - May 16, 2019. According to Garfield, SBA has approved $2,346,600 for businesses and $22,737,100 for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield. Businesses and residents in Fremont, Harrison, Louisa, Mills, Monona, Pottawattamie, Scott, Shelby  and Woodbury counties who sustained damages are encouraged to register prior to the July 1, 2019, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” she added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

FREMONT COUNTY
Disaster Recovery Center
Fremont County Emergency Management Office
2014 290th Ave.
Sidney, IA  51652

Thursdays – Saturdays
9 a.m. – 6 p.m.
Closes 2 p.m. Saturday, June 1

LOUISA COUNTY
Disaster Recovery Center
17786 County Road 61
Muscatine, IA  52761

Mondays – Fridays
8:30 a.m. – 5:30 p.m.
Saturdays, 9 a.m. – 2 p.m.
Closes 2 p.m. Saturday May 25

MILLS COUNTY
Disaster Recovery Center
Glenwood Resource Center
Meyer Complex
Second Floor, Suite #210
111 Lacey St.
Glenwood, IA  51534

Mondays – Wednesdays
9 a.m. – 7 p.m.
Closes 7 p.m. Wednesday, May 29
Closed on Memorial Day, Monday, May 27

SCOTT COUNTY
Business Recovery Center
Eastern Iowa Community College
101 West Third St., Suite #111
Davenport, IA  52801
(Use Third St. entrance
across from The Office restaurant)

Mondays – Thursdays, 9 a.m. – 6 p.m.
Fridays, 8 a.m. – 4:30 p.m.
Closed on Memorial Day, Monday, May 27

SCOTT COUNTY
Disaster Recovery Center
Old Office Max Building
320 West Kimberly St., Suite 3001
Davenport, IA  52807

Mondays – Saturdays, 10 a.m. – 6 p.m.
Closed for Memorial Day,
Saturday, May 25 through Monday, May 27

Businesses of all sizes 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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. These low-interest federal disaster loans are available in Fremont, Harrison, Louisa, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury counties in Iowa.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. These economic injury disaster loans are available in Audubon, Carroll, Cass, Cedar, Cherokee, Clinton, Crawford, Des Moines, Fremont, Harrison, Henry, Ida, Johnson, Louisa, Mills, Monona, Montgomery, Muscatine, Page, Plymouth, Pottawattamie, Scott, Shelby, Washington and Woodbury counties in Iowa; Henderson, Mercer and Rock Island counties in Illinois; Atchison County in Missouri; Burt, Cass, Dakota, Douglas, Otoe, Sarpy, Thurston and Washington counties in Nebraska; and Union County in South Dakota. The deadline to apply for economic injury is December 23, 2019.

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 2.063 percent for homeowners and renters 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, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

 

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Release Number: 
IA 15898-08
Release Date: 
Friday, May 24, 2019 - 5:00pm
Contact: 
Richard Jenkins (916) 735-1500
Related State: 
Iowa
Field Operations Center: 
West