Flooding disaster relief: one month left to apply - KWWL - Eastern Iowa Breaking News, Weather, Closings

Flooding disaster relief: one month left to apply

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(KWWL) -

Area home and small business owners who suffered damage during the flooding in September, have less than a month left to apply for funding. 

The following is a letter sent out by U.S. Small Business Administrations about the disaster funding available.

                                                                       One Month Left To Apply For SBA Disaster Loans

SACRAMENTO, Calif. – Director Jayne Armstrong of the U.S. Small Business Administration’s Iowa District Office today reminded Iowa businesses and residents of the Dec. 12, 2016, deadline to apply for an SBA federal disaster loan for property damage caused by the severe weather and flooding in Butler County that occurred Sept. 21 - Oct. 3, 2016.

According to Armstrong, businesses of all sizes, most private nonprofit organizations, homeowners and renters may apply for SBA federal disaster loans to repair or replace disaster-damaged property. 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.

These low-interest federal disaster loans are available in Black Hawk, Bremer, Butler, Cerro Gordo, Chickasaw, Floyd, Franklin, Grundy and Hardin counties.

Businesses of all sizes and private 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.

In addition, SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is July 11, 2017.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online using 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.

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