Businesses impacted by flooding in 14 Iowa counties can now apply for low-interest disaster loans of up to two-million dollars from the U.S. Small Business Administration. SBA spokesman Richard Jenkins says the loans are intended to offset economic losses because of reduced revenues from flooding.
The loans are available to small businesses, small ag co-ops and most private non-profit groups. Jenkins says the loans are for non-farm businesses, though farms and ranch owners impacted by the high water can contact other agencies. He says the U.S.D.A. covers farmers and ranchers, while the SBA covers all of the dependent businesses.
Jenkins says the loans have an interest rate of four-percent for businesses and three-percent for private, non-profit organizations. They try to determine eligibility as quickly as they can to get the money into the hands of those who need it to make ends meet. He says there’s usually a decision in under three weeks.
Jenkins says applicants may apply on-line using the electronic loan application at SBA’s website, www.sba.gov. They can also answer questions over the phone at: 800-659-2955.
The Iowa counties covered are: Fremont, Harrison, Mills, Monona, Pottawattamie, Woodbury, Cass, Cherokee, Crawford, Ida, Montgomery, Page, Plymouth and Shelby. Across the river, there are eight covered Nebraska counties: Burt, Cass, Dakota, Douglas, Otoe, Sarpy, Thurston and Washington. Also, in Missouri, Atchison County and in South Dakota, Union County.