Iowans in eight counties who were impacted by severe storms and flooding this summer can now apply in person for low-interest federal disaster loans.
Burl Kelton, spokesman for the U.S. Small Business Administration, says the agency’s temporary Disaster Loan Outreach Center is now open in Des Moines. “We offer assistance, in this case, for homeowners, renters and businesses that either had loss or damage, could be loss or it could be economic injury, economic loss for businesses,” Kelton says. “We offer low-interest, long-term direct federal loans.”
The loans are available to Iowa businesses and residents impacted by the severe storms, tornadoes, straight-line winds and flooding that hit betwen June 6th and July 2nd. A disaster declaration makes the SBA loans available in Boone, Dallas, Jasper, Madison, Marion, Polk, Story and Warren counties.
“The majority of our home loans are at 1.938%, simple annual interest up to 30 years, and for businesses, 3.61%,” Kelton says. “This is for homeowners up to $240,000 of actual damages and for businesses, up to $2-million.” Since the storms and flooding were several months ago, many residents and businesses will have already made repairs to their homes and buildings.
Kelton says, “If they have and they would like to basically recover that cost and pay it out over a longer term, then they should bring in receipts, bring in insurance information and any other information that will give us an idea of their financial ability to repay the loan.”
The SBA’s Disaster Loan Outreach Center is in the Polk County Building at 2309 Euclid Avenue in Des Moines. It will be open Monday through Friday 8 A.M. to 5 P.M. For the holidays, it will close on December 21st and reopen on January 3rd. You can also call 800-659-2955 or email [email protected].
