Low-interest loans to Iowa residents and business owners - KWWL - Eastern Iowa Breaking News, Weather, Closings

Low-interest loans to Iowa residents and business owners

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WATERLOO (KWWL) -  The U.S. Small Business Administration has announced that they will be offering low-interest federal disaster loans to Iowa residents and business owners that were affected by the severe storms and flooding that took place June 26- July 9.

 Since the storms and flooding took place, the Cedar Rapids Mayor, Ron Corbetter, City Council Members and the City Manager, Jeff Pomeranz have been working closely with the Congressional Delegation and State officials to bring relief and help to Cedar Rapids resident and business were were devastated by the storms.

Starting today, the SBA will have representative available at the Linn County Emergency Management Agency, located on the Kirkwood Community College campus. The loans that will be provided can be up to $200,000 for homeowners to replace damaged or destroyed real estate, and $40,000 for homeowners and renters to repair or replace personal property. Businesses of any size, private, or nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Interest rates can be as low as 2.188 percent for homeowners and renters, 2.625 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms will be set by  SBA and are based on each applicant’s financial condition.

 


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