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

 

Low-interest federal disaster loans are available to Iowa residents and business owners affected by severe storms, flooding, straight-line winds, and tornadoes that occurred from June 14-23, 2014, U.S. Small Business Administration (SBA) Administor Maria Contreras-Sweet announced today. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Terry Branstad on July 7, 2014.

 

The disaster declaration makes SBA assistance available in the primary Iowa counties of Lyon and Sioux and the neighboring Iowa counties of Cherokee, O'Brien, Osceola, and Plymouth; the neighboring Minnesota counties of Nobles and Rock; and the neighboring South Dakota of Lincoln, Minnehaha, and Union.

 

"The U.S. Small Business Administration is strongly committed to providing Iowa with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster," said Contreras-Sweet. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."

 

"Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private non-profit organizations whose property was damaged or destroyed by this disaster," said SBA's Iowa District Director Joseph Folsom. "Beginning at 10am, Tuesday, July 15, SBA representatives will be on hand at the following Disaster Loan Outreach centers to answer questions about SBA's disaster loan program, explain the application process, and help each individual complete their application," Folsom continued. The centers will be open on the days and times indicated until further notice. No appointment is necessary.

 

LYON COUNTY:

Disaster Loan Outreach Center

114 First Avenue

(corner of First Avenue & Marshall Street)

Rock Rapids, Iowa 51246

Opens: Tuesday, July 15 at 10am

Mondays-Fridays 8:30am-5:00pm

 

SIOUX COUNTY:

Disaster Loan Outreach Center

Faith Reformed Church

1305 7th Street

Rock Valley, Iowa 51247

Opens: Tuesday July 15 at 10am

Mondays-Fridays 8:30am-5:00pm

 

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 and replace damaged or destroyed personal property.

 

Businesses of any size and private, non-profit 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 homeowners and businesses to help with the cost of making improvements that 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, non-profit organizations of any size, SBA offers Economic Injury Disaster Loans (EISLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

 

Interest rates can be as low as 2.188% for homeowners and renters, 2.625% for private, non-profit organizations and 4% for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applican'ts financial condition.

 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloans.sba.gov/ela.

 

Disaster loan information and application forms are available from SBA's Customer Service Centers by calling 800.659.2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call 800.877.8339. For more information about SBA's disaster assistance programs, visit http://www.sba.gov/disaster.

 

The filing deadline to return applications for property damage is September 8, 2014. The deadline to return economic injury applications is April 8, 2015.

Phone: 

(800) 659-2955


 

City of Rock Valley

1507 Main Street

PO Box 100
Rock Valley, IA 51247
 


 

U.S. Small Business Administration Fact Sheet - Disaster Loans.pdf

 

Getting Disaster Help from SBA - What You Need to Know.pdf