Four new programs to help small business owners hit by disaster - KWWL - Eastern Iowa Breaking News, Weather, Closings

Four new programs to help small business owners hit by disaster

DES MOINES (KWWL) --  Governor Chet Culver announced four new disaster assistance programs on Thursday that aim to help small businesses impacted by the storms and floods of 2008.

The first is the Business Rental Assistance Program.  This program applies to businesses remaining in or locating in rental space physically damaged by the disasters.

Originally, the program allowed business owners up to $50,000 to offset building rent payments for up to six months.

Now, recipients can also use the money to replace damaged machinery, office furniture, supplies and other equipment. 

The maximum award allowed through this program is $50,000.

The second is the Loan Interest Expense Program.  The program gives up to $50,000 to business owners to pay on a SBA or private disaster recovery loan for a maximum of three years.

The third program is the Commercial Rental Income Gap Program.  This program provides commercial building owners a maximum of $25,000 per unit to commercial landlords to offset lost revenue from vacant rental space physically damaged by the disasters.

The fourth program is called the Residential Landlord Business Support Program.  The program provides landlords who provide affordable housing up to $15,000 per business for lost rental income.

One application is available for all four programs, and funds will be given on first-come, first-served basis.

Landlords and small business owners should apply at their local Council of Government or Entitlement City and applications should be available in most locations by December.

The new programs will be funded by $85 million from the Community Development Block Grant funds from the U.S. Department of Housing and Urban Development.

Online Content Manager: Eric Page

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