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SACRAMENTO, Calif. ÔÇô Small Nonfarm Businesses in Iowa Eligible for Low Interest Federal Disaster Loans

In response to the drought in several primary counties in Iowa, the U.S. Small Business Administration (SBA) has announced that small nonfarm businesses in 35 Iowa counties and neighboring counties in Illinois, Minnesota, and Wisconsin are now eligible to apply for low interest federal disaster loans. These loans aim to offset economic losses caused by reduced revenues due to drought.

Expansion of Eligible Counties

The primary Iowa counties eligible for these loans are Allamakee, Buena Vista, Calhoun, Cherokee, Clayton, Des Moines, Henry, Louisa, Pocahontas, and Washington. In addition to these counties, neighboring counties in Iowa such as Buchanan, Carroll, Clay, Delaware, Dubuque, Fayette, Greene, Humboldt, Ida, Iowa, Jefferson, Johnson, Keokuk, Kossuth, Lee, Muscatine, OÔÇÖBrien, Palo Alto, Plymouth, Sac, Sioux, Van Buren, Webster, Winneshiek, and Woodbury are also included. Furthermore, neighboring counties in Illinois (Henderson, Mercer, and Rock Island), Minnesota (Houston), and Wisconsin (Crawford, Grant, and Vernon) are eligible for these loans.

Assistance for Affected Businesses

The SBA offers these loans to businesses and organizations impacted by the disaster, including small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size. The loans, which can be up to $2 million, help these entities meet financial obligations and cover operating expenses that they would have been able to manage had the disaster not occurred.

Loan Details

These loans are focused on the financial impact of the disaster and are not based on physical property damage. Businesses and private nonprofit organizations have the following terms:

• Interest rate: 4 percent for businesses and 2.375 percent for private nonprofit organizations
• Maximum term: 30 years
• Available to small businesses and most private nonprofits without the financial ability to withstand the adverse impact without hardship

Economic Injury Disaster Loans Available

The availability of these loans is triggered by the U.S. Secretary of Agriculture designating an agricultural disaster, which was declared on Aug. 14, 2023, in this case. However, it is important to note that farms and ranches are not eligible for SBA disaster assistance. Agricultural enterprises should seek assistance from the Farm Services Agency under the U.S. Department of Agriculture for the aid made available through the Secretary’s declaration. Nevertheless, nurseries are eligible for SBA disaster assistance in drought disasters.

Applying for Assistance

Applicants can apply online, access additional disaster assistance information, and download application forms on the SBA’s official website at https://disasterloanassistance.sba.gov/. For inquiries or more information about SBA disaster assistance, individuals can contact SBA’s Customer Service Center at (800) 659-2955 or email [email protected]. Telecommunications relay services are available for individuals who are deaf, hard of hearing, or have a speech disability by dialing 711. Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Application Deadline

The deadline for economic injury applications is April 15, 2024.

How AI legalese decoder Can Help with the Situation

The complexity of legal language often makes it challenging for small businesses and individuals to understand the eligibility criteria and application process for disaster loans. However, AI legalese decoder can simplify this process by transforming legal jargon into plain language that is easier to comprehend. It can assist businesses in deciphering the requirements for eligibility, loan terms, and supporting documentation, ensuring that they have a clear understanding of the necessary steps to take. This tool can streamline the application process and provide valuable guidance to those seeking SBA disaster assistance.

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