Disaster Loan Assistance Available for Businesses
Low-interest federal disaster loans are available to Greater Des Moines (DSM) and Iowa businesses, as well as residents, affected by the severe storms, tornadoes, straight-line winds and flooding that occurred June 6 – July 2, 2018, announced Administrator Linda McMahon of the U.S. Small Business Administration (SBA). Within The Partnership’s service area, the disaster declaration makes SBA assistance available in Dallas, Jasper, Madison, Marion, Polk and Warren counties.
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.
Interest rates can be as low as 3.61 percent for businesses or 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Deadline to Apply
The deadline to apply for property damage is Feb. 11, 2019. The deadline to apply for economic injury is Sept. 11, 2019.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.
Find more tips on starting and growing your business at sba.gov. Learn more about The Partnership’s small business resources.