The U.S. Small Business Administration is opening a Business Recovery Center in southwest Iowa to help merchants in that area rebuild and recover from this spring’s widespread flooding.
SBA spokesman Bill Koontz says the temporary office is now open in Glenwood. “This is a center where a business owner can come in and get advice on how to apply for a disaster loan from the SBA for the flooding event,” Koontz says. “This business owner might not have been flooded but might have lost their revenue because their customers are underwater or they’re cut off or whatever the reason might be.”
The center is designed to be a one-stop location for businesses to access a variety of specialized help in order to rebuild using low-interest government loans. “For most folks, they’re below market rate loans,” Koontz says. “A business can borrow money at 4-and-1/8-percent. We can make loans based on actual physical flood damages plus we can also loan for lost revenue. Normally, these loans would be a repayment of 15 or 30 years, based on what the business owner can afford to pay.”
The SBA says businesses of any size and private, nonprofit organizations can borrow up to two-million dollars to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Koontz adds, it’s not just business owners who can apply.
“The SBA does help homeowners and renters and that will be who we probably help the most because they’re the ones with the most impact,” Koontz says.”
Homeowners and renters can get money as low as 2% and we can loan a homeowner up to $200,000 for damage to their residence plus another $40,000 for personal property.” No appointment is necessary. All services are free.
The SBA office is in Room 208 of the Meyer Complex at 111 Lacey Street in Glenwood. Contact the SBA at (800) 659-2955, via email at [email protected], or through the website at https://disasterloan.sba.gov/ela.