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IA 16601-02 SBA to Open Virtual Disaster Loan Outreach Center to Assist Iowa Businesses and Residents Affected by the Severe Storms

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today announced the opening of a virtual Disaster Loan Outreach Center to meet the needs of businesses and individuals who were affected by the severe storms that occurred on Aug. 10, 2020.

In response to the Coronavirus pandemic, for this disaster SBA has established a virtual Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.

Virtual Disaster Loan Outreach Center
Monday – Sunday (7 days/week)
8 a.m. – 8 p.m. EDT

FOCWAssistance@sba.gov
(800) 659-2955

These services are only available for the Iowa disaster declaration as a result of the severe storms that occurred Aug. 10, 2020, and not for COVID-19 related assistance.

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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to 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 to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

SBA 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.

Interest rates can be as low as 3 percent for businesses, 2.75 percent for private nonprofit organizations and 1.188 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.

To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email FOCWAssistance@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.

The deadline to apply for property damage is Oct. 19, 2020. The deadline to apply for economic injury is May 20, 2021.

 

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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 16601-02
Release Date: 
Monday, August 24, 2020 - 10:30pm
Contact: 
Richard Jenkins (916) 735-1500
Related State: 
Iowa
Field Operations Center: 
West