News

U.S. Small Business Administration Issues Economic Injury Disaster Loan Declaration For Iowa

Sat 3-21-2020

(Des Moines)-- Governor Kim Reynolds today (Saturday) announced the U.S. Small Business Administration has issued a disaster declaration for the state of Iowa as of January 31st, 2020, and ongoing. 

The declaration allows businesses impacted by the pandemic to apply for low-interest support loans.

The SBA is now making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the coronavirus, or COVID-19. The loans offer up to $2 million in assistance to small businesses to help the overcome the temporary loss of revenue they are experiencing.

The loans can be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses. The rate for non-profits is 2.7%. The SBA is offering loans with long-term repayments to keep payments affordable, for up to 30 years. Terms are determined on a case-by-case basis, based upon ability to re-pay.

Applications are available at https://disasterloan.sba.gov/ela/

More information is available by contacting the SBA disaster assistance customer service center at 1-800-659-2955 or by emailing disastercustomerservice@sba.gov.