Other key sites to visit for
flood recovery updates:
Iowa DNR
Iowa Department of Public Health
Iowa State Extension
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Disaster Assistance Programs Available Through the Small Business Administration (SBA)
Financial Assistance Programs
BEFORE APPLYING FOR FINANCIAL ASSISTANCE, YOU MUST CONTACT FEMA.
- Economic Injury Disaster Loans
- Physical Disaster Loans
Economic Injury Disaster Loans
Who is eligible?
Small businesses or small agriculture cooperatives in a declared disaster area that have suffered economic injury and are unable to obtain credit elsewhere.
What can the loan be used for?
To meet necessary financial obligations that could have been met had the natural disaster not occurred. This loan would permit the applicant to maintain a reasonable working capital position during the period affected by the flood.
The money cannot be used to replace lost sales or revenue.
What is the Maximum Loan Amount Available?
Up to $1.5 million to a business
What are the terms of the loan?
Interest Rate: up to 4%
Length: Up to 30 years.
Physical Disaster Loans - Home
Who is eligible?
Individual homeowners or renters in a declared disaster area
What can the loan be used for?
Up to $200,000 can be used to rebuild a home back to pre-flood stage. Up to $40,000 can be used to replace personal property such as clothing, furniture, and automobiles.
An applicant will only be able to receive funding for uninsured or uncompensated losses.
What is the Maximum Loan Amount Available?
$200,000 for real estate and $40,000 for personal property
What are the terms of the loan?
Interest Rate: up to 4% if you are not able to qualify for funding elsewhere. If you qualify for other funding, up to 8%.
Length: Up to 30 years.
Physical Disaster Loans - Business
Who is eligible?
Any large or small business if in a declared disaster area.
What can the loan be used for?
To repair or replace damaged physical property including real estate, equipment, inventory, and fixtures
What is the Maximum Loan Amount Available?
Up to $1.5 million.**
An applicant will only be able to receive funding for uninsured or uncompensated losses.
What are the terms of the loan?
Interest Rate: up to 4% if you are not able to qualify for funding elsewhere. If you qualify for other funding, up to 8%.
Length: Up to 30 years.
** If you apply for both the physical disaster loan for business and the economic injury disaster loan the maximum you may receive for both combined is $1.5 million
HOW TO APPLY
- Discuss assistance needs with a SBA Representative.
- Phone: 1-800-659-2955
- E-mail: disastercustomerservice@sba.gov
- Once you have spoken to the SBA Representative, they will send you a loan packet. You will want to fully complete the application including supporting details.
- Contact the SBA Representative and discuss the completed application before submission to make sure you have filled out everything correctly.
- Mail your pack to:
US Small Business Administration
Processing and Distribution Center
14925 Kingsport Rd
Ft. Worth Texas, 76155-2243
You may also drop off completed applications to your local disaster recovery office
Deadline
Economic Injury Loans – you must apply within nine months from the date of the disaster declaration
Physical Disaster Loans – the loan application must be postmarked within 60 days from the date of the disaster declaration
Contact Information
www.sba.gov
www.fema.gov
1-800-659-2955
*Disclaimer
If a farmer has a farm business loss, they would need to look to the FSA for assistance. A farm is not included in the definition of a business for the SBA disaster loans including the Physical Disaster loans and the Economic Injury Disaster loans.
If a farmer has incurred loss to their primary residence, they could potentially qualify for the Physical Disaster loans for homes. If the farmer has another small business not considered a farm in addition to their farm, (mechanic, etc.) that business could potentially qualify for the Physical Disaster Loans-business or the Economic Injury Disaster Loans.