June 6 is final deadline to apply for SBA Disaster Loans for August 2016 flooding

District Director Jayne Armstrong of the U.S. Small Business Administration’s (SBA) Iowa District Office is reminding Iowa small businesses of the June 6 deadline to apply for an SBA federal disaster loan for economic injury caused by severe weather and flash flooding in Winneshiek County that occurred August 23-24, 2016.

According to Armstrong, small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Armstrong said.

These low-interest federal disaster loans are available in Allamakee, Chickasaw, Clayton, Fayette, Howard and Winneshiek counties in Iowa; and Fillmore and Houston counties in Minnesota.

The interest rate is four percent for businesses and 2.625 percent for private nonprofit organizations 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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