Deadline to apply for SBA Disaster Loans is November 28 for August storm, flood damage
Director Tanya N. Garfield of the U.S. Small Business Administration’s (SBA) Disaster Field Operations Center - West reminds Iowa private nonprofit (PNP) organizations of the November 28 deadline to apply for an SBA federal disaster loan for property damage caused by the severe storms, straight line winds and flooding that occurred August 23-27, 2016. PNPs that provide essential services of a governmental nature are eligible for assistance.
According to Garfield, eligible PNPs of any size may apply for SBA federal disaster loans of 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 help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans (EIDLs) to help eligible PNPs meet working capital needs caused by the disaster. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the PNP suffered any property damage. PNPs have until June 29, 2017 to apply for an SBA economic injury disaster loan.
SBA low-interest federal disaster loans are available in Allamakee, Chickasaw, Clayton, Fayette, Floyd, Howard, Mitchell and Winneshiek counties. The interest rate is 2.625 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. Disaster loan information and application forms are also available from SBA’s Customer Service Center 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 disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
