SBA Tops $60 Million in Disaster Assistance Loans for Severe Storms, Flooding, Straight-line Winds and Tornadoes

SACRAMENTO, Calif. - Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, announced today that SBA has approved more than $60 million in federal disaster loans for Iowabusinesses and residents impacted by severe storms, flooding, straight-line winds and tornadoes that occurred June 16-July 23. According to Sánchez, SBA has approved $10,075,000 for businesses and $49,984,200 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 Sánchez. Businesses and residents in Buena Vista, Cherokee, Clay, Dickinson, Emmet, Humboldt, Lyon, Monona, O'Brien, Osceola, Palo Alto, Plymouth, Pottawattamie, Scott, Sioux and Woodbury counties who sustained damages are encouraged to apply prior to the Oct. 22 deadline at SBA.gov/disaster. "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," he continued.

SBA continues to provide one-on-one assistance to disaster loan applicants at all the federal-state Disaster Recovery Centers and the SBA Business Recovery Center throughout the affected areas to explain SBA's disaster loan program and help business owners and residents close their approved disaster loans.

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 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. The deadline to apply for economic injury is March 24, 2025.

"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.

###

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.