OMAHA, Neb. (KMTV) — The Small Business Administrations says "certain nonprofits organizations" are now eligible for low-interest loans.
The counties which have been extended assistance are:
- Floyd
- Keokuk
- Wapello
For more information, you can read the full release below:
Low-interest federal disaster loans are now available to certain private nonprofit organizations in Floyd, Keokuk and Wapello counties following the amendment to President Trump’s President Trump’s April 5, 2019, major disaster declaration for Public Assistance as a result of severe storms and flooding that occurred March 12 – June 15, 2019, announced acting Administrator Christopher M. Pilkerton of the U.S. Small Business Administration. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
Although the deadline to apply for a disaster loan for physical damages was June 4, 2019, private nonprofits in Floyd, Keokuk and Wapello counties may apply with an explanation that they were not eligible until this July 2, 2019, amendment to the declaration.
SBA may lend private nonprofits 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 improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Garfield said.
Economic Injury Disaster Loans are available in Adair, Adams, Allamakee, Audubon, Boone, Bremer, Buchanan, Buena Vista, Butler, Carroll, Cass, Cherokee, Clay, Clayton, Clinton, Crawford, Dallas, Decatur, Des Moines, Dickinson, Emmet, Fayette, Floyd, Franklin, Fremont, Greene, Guthrie, Hamilton, Hancock, Hardin, Harrison, Howard, Humboldt, Ida, Iowa, Jackson, Jasper, Jones, Keokuk, Kossuth, Lee, Louisa, Lyon, Madison, Mahaska, Marshall, Mills, Mitchell, Monona, Montgomery, Muscatine, O’Brien, Osceola, Page, Palo Alto, Plymouth, Pocahontas , Polk, Pottawattamie, Ringgold, Sac, Scott, Shelby, Sioux, Tama, Union, Wapello, Webster, Winnebago, Winneshiek, Woodbury, Worth and Wright counties.
The interest rate is 2.75 percent with terms up to 30 years. The deadline to apply for economic injury is Jan. 6, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications athttps://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
