The US SBA federal disaster loans include counties in Iowa and Minnesota

ROCK RAPIDS, Iowa - The U.S. Small Business Administration has announced low-interest federal disaster loans are being made available to residents and business owners in several northwest Iowa counties affected by severe weather and flooding recently. The loans are also available to those in several affected counties in southwest Minnesota and parts of South Dakota.

The loans are being made available to residents in the primary counties of Lyon and Sioux, and contiguous counties of Cherokee, O'Brien, Osceola and Plymouth in Iowa. It also includes neighboring Minnesota counties of Nobles and Rock; and the South Dakota counties of Lincoln, Minnehaha and Union.

The SBA will be manning two offices in the region to give residents an opportunity to get more information. They will be located at 114 First Avenue in Rock Rapids and the Faith Reformed Church in Rock Valley. Both offices will be open daily, Monday through Friday, beginning this Tuesday, from 8:30 a.m. until 5 p.m.

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.

Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates can be as low as 2.188 percent for homeowners and renters, 2.625 percent for private, nonprofit organizations and 4 percent for businesses, 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 the Electronic Loan Application (ELA) via SBA’s secure Web site 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 e-mailing disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.

The filing deadline to return applications for property damage is September 8, 2014. The deadline to return economic injury applications is April 8, 2015.

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