SBA Loan Information

 

Disaster Programs

 

Disaster programs are made available by the Administrator’s declaration for Homeowners, Renters, Businesses of all Sizes, and Private nonprofit organizations that were impacted by the June 14 through June 23, 2014 severe weather:

 

in the Iowa primary counties of: Lyon & Sioux;

the contiguous Iowa counties of: Cherokee, O’Brien, Osceola & Plymouth;

the contiguous Minnesota counties of: Nobles & Rock;

and the contiguous South Dakota counties of: Lincoln, Minnehaha & Union

 

As we discussed, we are opening the two Disaster Loan Outreach Centers (DLOC) in Rock Valley and Rock Rapids to assist those impacted with face-to-face Customer Service Representatives. (See the attached press release for details)

 

As you know, when a disaster strikes, SBA low-interest loans are the primary source of federal money to pay for repair or replacement costs not fully covered by insurance or other compensation. SBA offers disaster loans to homeowners, renters, businesses of all sizes and private non-profit organizations. Rates are as low as 2.188 percent for homeowners and renters, 4 percent for businesses and 2.625 percent for private nonprofit organizations with up to 30 year terms.

 

I try to stress that keeping options open when making difficult recovery decisions is crucial. Applicants offered SBA low-interest loans are under no obligation to accept the loan and there is no cost to apply. Those impacted do not need to wait for insurance to settle or obtain a contractor’s estimate before applying to SBA.

 

Also, we offer low-interest working capital loans – called Economic Injury Disaster Loans (EIDL) - to assist small businesses and most private nonprofit organizations of all sizes that may be having difficulty meeting obligations as a result of impacts from the Wildfires.

 

The best option is to encourage folks to take advantage of the centers to receive face-to-face assistance at the Disaster Loan Outreach Centers (DLOC) while they’re open.

 

They can apply right online as well. Those impacted can get information about SBA programs and questions answered, confirm center locations and hours by visiting SBA’s website at www.sba.gov/disaster, or by calling (800) 659-2955 (TTY 1-800-977-8339).

Please call me anytime with questions.

Regards,

 

Garth D. MacDonald

Public Information Officer

U.S. Small Business Administration

Office of Disaster Assistance

Field Operations Center - West

P.O. Box 419004

Sacramento, CA  95841-9004

(916) 878-1494 cellular

(916) 735-1500 office

(916) 735-1681 fax

Email:  garth.macdonald@sba.gov