SBA Providing Disaster Relief With Low-Interest Loans To Select Private Nonprofits

The U.S. Small Business Administration (SBA) has announced disaster assistance through low-interest loans to private nonprofit businesses that provide essential services of a governmental nature. The SBA may lend up to $2 million to these entities for repair or replacement of damaged or destroyed real estate, machinery and equipment, inventory and other assets. They can also lend additional money to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future. These would be in conjunction with the federal disaster declarations for Floyd, Keokuk and Wapello Counties. However, the SBA can also help private nonprofits of any size with Economic Injury Disaster Loans of up to $2 million in a broader spectrum of Iowa counties. These funds could be used to help meet working capital needs caused by the disaster to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. These are available regardless of whether or not the business suffered property damage. Eligible counties in the Carroll Broadcasting listening area include: Carroll, Audubon, Crawford, Greene, Guthrie and Sac. The interest rate is 2.75 percent with terms up to 30 years and the deadline to apply is Jan. 6, 2020. More information on the program and how to apply can be found below.

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For more information:

          Phone: 800-659-2955

          Email: disastercustomerservice@sba.gov

          Website: https://disasterloan.sba.gov/ela