Northwest Iowa – Small nonfarm businesses in O’Brien, Osceola and 16 other counties in Iowa and neighboring Minnesota counties are now eligible to apply for low-interest federal loans with the US Small Business Administration.
This is from Director Tanya N. Garfield of the SBA West Field Operations Center. She says these loans offset economic losses due to revenue cuts caused by the drought in these primary counties that began on April 1, 2021 – Buena Vista, Dickinson, Emmett, Kossuth and Pocahontas;
She tells us that companies in neighboring Iowa counties are also eligible – O’Brien, Osceola, Calhoun, Cherokee, Clay, Hancock, Humboldt, Ida, Palo Alto, Sack, Webster, Winnebago and Wright;
Companies in Faribo, Jackson and Martin counties in Minnesota are also eligible for the program.
Garfield says eligibility for the SBA covers both the economic impact on businesses dependent on farmers, ranchers who have lost agricultural production as a result of the disaster, and businesses directly affected by the disaster.
Small non-agricultural businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations of any size can apply for an economic loss loan of up to US $ 2 million to cover financial obligations and operating costs that could be cover in case of natural disaster. Did not happen.
She says eligibility for these loans is based only on the financial impact of the disaster, not actual property damage. These loans have an interest rate of 3 percent for businesses and 2 percent for private nonprofits, with a maximum maturity of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without any difficulty. Garfield.
The SBA provides disaster loans for economic trauma when the US Secretary of Agriculture assigns an agricultural disaster under the SBA. The Secretary of State announced the disaster on June 22, 2021.
Companies with a predominantly agricultural or livestock business are not eligible for SBA disaster relief. Farms should contact the Agricultural Services Agency for USDA assistance as requested by the Secretary. However, nurseries are eligible for SBA assistance in the event of drought-related disasters.
Applicants can apply online, receive additional information on disaster relief, and download applications at https://disasterloanassistance.sba.gov/… Applicants can also call the SBA Customer Service Center at (800) 659-2955 or by email. disaster firstname.lastname@example.org(link sends email) for more information on SBA disaster relief. Individuals who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to the United States Small Business Management, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for filing an Economic Injury Application is February 22, 2022.