The U.S. Small Business Administration has cleared the way for residents of 14 counties to receive financial help in recovering from storms that swept through western Iowa the night of April 9. S.B.A. spokesperson Mark Randle says the disaster declaration allows residents and business owners to apply for low-interest loans.
The loans can be used to cover uninsured, under-insured and other uncompensated losses. The S.B.A. has set up Disaster Loan Outreach Centers in Mapleton and Varina. Randle says home and business owners can get a good deal on financing their repairs or replacing their property.
The interest rates for S.B.A. loans to homeowners are typically as low as 2.563%, 4% for businesses and 3% for private, non-profit organizations. Up to 18 tornadoes touched down in western Iowa on April 9. The worst damage occurred in Mapleton where 140 homes and businesses were damaged or destroyed. Randle says the S.B.A. loans should help a lot of individuals and families.
“The loan amounts can be up to $200,000 to repair or replace damage to primary residence and $40,000 for private property, including vehicles. Business loans can be up to $2 million,” Randle said.
The S.B.A. assistance is available in Buena Vista, Calhoun, Clay, Crawford, Harrison, Humboldt, Ida, Kossuth, Monona, Palo Alto, Pocahontas, Sac, Webster and Woodbury Counties. The filing deadline is July 5.
S.B.A. Disaster Loan Outreach Centers:
Mapleton City Hall, 513 Main St., Mapleton
Open Now through May 26
Mondays through Fridays, 8 a.m. to 5 p.m.
Varina American Legion Hall, 207 Main St., Varina
Open Wednesdays, May 11, May 18 and May 25, 10 a.m. to 2 p.m.
Applicants may apply online at://disasterloan.sba.gov/ela or call (800) 659-2955