Small Businesses Affected by Drought in Area Counties Can Apply for SBA Federal Loans

Small businesses that are being impacted by the drought in 11 northwest Iowa counties can now apply for low-interest federal disaster loans from the U-S Small Business Administration.

S-B-A spokesman Mark Randle says there’s a wide range of businesses that are now eligible for the help…(audio clip below :22 )

The 11 counties covered under the program are Buena Vista, Calhoun, Clay, Dickinson, Emmet, Humboldt, Palo Alto, Pocahontas, Kossuth, Sac, and Webster.

Small businesses that qualify for the Economic Injury Disaster Loans may be able to get up to two-million dollars to help meet their financial obligations…(audio clip below :18 )

Randle says eligibility for the loans is only based on the financial impact of the disaster and not on property damage. The loans have an interest rate of just under three-percent for businesses and under-two-percent for private nonprofits.

The deadline to apply is April 17th of 2023. Apply here.

(thanks to Radio Iowa.