SBA Offers Disaster Assistance to Iowa Businesses and Residents Affected by Severe Storms, Flooding, Straight-line Winds and Tornadoes

SACRAMENTO, Calif. - Low-interest federal disaster loans are available to Iowa businesses and residents affected by severe storms, flooding, straight-line winds and tornadoes that occurred June 16-July 23, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Kim Reynolds on Sept. 26.

The SBA Rural disaster declaration makes SBA assistance available to both rural and non-rural areas of Harrison County in Iowa.

"SBA's mission-driven team stands ready to help Iowa's small businesses and residents impacted by severe storms, flooding, straight-line winds and tornadoes," said Administrator Guzman. "We're committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild."

"When disasters strike, our virtual Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet," said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. "At these virtual centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey."

"Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster," Sánchez continued.

SBA has established a virtual Disaster Loan Outreach Center to provide personalized assistance to business owners, homeowners and renters. SBA customer service representatives will be available to business owners and individuals to answer questions about SBA's disaster loan program, explain the application process and help each person complete their electronic loan application. Applicants may call or email as indicated below.

Virtual Disaster Loan Outreach Center
Mondays - Fridays
8 a.m. - 4:30 p.m. Pacific
[email protected]
(916) 735-1501

Opens at 8 a.m., Wednesday, Oct. 2

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.

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's disaster loan program offers an important advantage-the chance to incorporate measures that can reduce the risk of future damage," Sánchez added. "Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements."

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 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.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to apply for property damage is Nov. 30, 2024. The deadline to apply for economic injury is July 1, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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.