Low-interest federal disaster loans are now available to\u00a0Linn County businesses and residents as a result of the major disaster declaration, U.S. Small Business Administration announced.<\/p>\n
<\/p>\n
Virtual Business Recovery Center<\/strong><\/p>\n Mondays \u2013 Fridays<\/strong><\/p>\n 9 a.m. \u2013 5:30 p.m.<\/strong><\/p>\n FOCWAssistance@sba.gov<\/strong><\/a><\/p>\n (916) 735-1500<\/strong><\/p>\n These services are only available for the Iowa disaster declaration as a result of the severe storms that occurred Aug. 10, 2020, and not for COVID-19 related assistance.<\/strong><\/p>\n Businesses of all sizes and private nonprofit organizations may borrow up to $2\u00a0million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.<\/p>\n For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.<\/p>\n 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.<\/p>\n Interest rates can be as low as 3\u00a0percent for businesses, 2.75\u00a0percent for private nonprofit organizations and 1.188\u00a0percent for homeowners and renters with terms up to 30\u00a0years. Loan amounts and terms are set by SBA and are based on each applicant\u2019s financial condition.<\/p>\n To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov<\/a>. Applicants may apply online, receive\u00a0additional disaster assistance information and download applications at https:\/\/disasterloanassistance.sba.gov\/<\/a>. Applicants may also call SBA\u2019s Customer Service Center at (916) 735-1500 or email FOCWAssistance@sba.gov<\/a> for more information on SBA disaster assistance. Individuals who are deaf or hard\u2011of\u2011hearing may call (800)\u00a0877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort\u00a0Worth, TX\u00a0 76155.<\/p>\n","protected":false},"excerpt":{"rendered":" Low-interest federal disaster loans are now available to\u00a0Linn County businesses and residents as a result of the major disaster declaration, U.S. Small Business Administration announced. Virtual Business Recovery Center Mondays \u2013 Fridays 9 a.m. …Read the full article…<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1551","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/posts\/1551"}],"collection":[{"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/comments?post=1551"}],"version-history":[{"count":4,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/posts\/1551\/revisions"}],"predecessor-version":[{"id":1555,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/posts\/1551\/revisions\/1555"}],"wp:attachment":[{"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/media?parent=1551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/categories?post=1551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hiawatha-iowa.com\/news\/wp-json\/wp\/v2\/tags?post=1551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}