Skip to main content
You have permission to edit this article.
Edit
SBA Economic Injury Disaster Loans available to Iowa small businesses, including those in Crawford, Ida and Monona

SBA Economic Injury Disaster Loans available to Iowa small businesses, including those in Crawford, Ida and Monona

  • 0
{{featured_button_text}}

Small nonfarm businesses in six Iowa counties and neighboring counties in Nebraska and South Dakota are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration (SBA), according to Director Tanya N. Garfield with SBA’s Disaster Field Operations Center-West.

The loans offset economic losses because of reduced revenues caused by drought in Woodbury County that began on August 24. Woodbury County is the primary Iowa county in the announcement.

Neighboring Iowa counties are Cherokee, Crawford, Ida, Monona and Plymouth. Neighboring Nebraska counties are Dakota and Thurston.

A neighboring South Dakota county is Union.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

Eligibility for the loans is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 2.855% for businesses and 2% for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on August 27.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. 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.

The deadline to apply for economic injury is April 27, 2022.

Related to this story

Most Popular

Funeral services for Brian Knudsen, 50, of Charter Oak, will be conducted at 10:30 a.m. Thursday, September 23, at St. John Lutheran Church in…

Visitation for Connie Teut, 80, of Schleswig, will be 11 a.m.-12:30 p.m. Friday, September 24, at the Huebner Funeral Home in Denison.

Mass of Christian Burial for Luz Maria Jaime Sanchez, 53, will be conducted at 10:30 a.m. Saturday, September 18, at St. Ann Catholic Church in Vail.

Funeral services for Kenneth Kock, 84, of Vail, will be conducted at 10 a.m. Friday, September 24, at United Church in Westside with burial at…

Funeral services for Irene Jurgensen, 97, of Denison, will be conducted at 2 p.m. Wednesday, September 22, at Zion Lutheran Church in Denison …

Recommended for you

Get up-to-the-minute news sent straight to your device.

Topics