SBA to Open Disaster Loan Outreach Centers in Union and Page Counties
Release Date: July 12, 2008
Release Number: 1763-084
» More Information on Iowa Severe Storms, Tornadoes, and Flooding
DES MOINES, Iowa -- Joseph Folsom, district director of the U.S. Small Business Administration's (SBA) Iowa office, announced today that SBA will open Disaster Loan Outreach Centers (DLOCs) starting Monday, July 14 in Creston, and Thursday, July 17 in Shenandoah.
SBA customer service representatives will be available at the Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA's disaster loan program, explain the application process, help each individual complete their application and close their approved disaster loans. SBA will open the DLOCs to provide personal assistance and disaster information to individuals and businesses who suffered damage as a result of the flooding, tornadoes and severe storms that began May 25 and are continuing.
The Creston DLOC will be located at City Hall, 116 West Adams Street. Hours of operation will be on Monday and Tuesday from 8 a.m. to 5 p.m., and on Wednesday from 8 a.m. until close of business at noon. The staff then travels to Shenandoah.
The Shenandoah DLOC will be located at Shenandoah Fire Department, Bricker Community Room, 400 West Sheridan Avenue. Hours of operation will be on Thursday from 8 a.m. to 5 p.m., and on Friday from 8 a.m. until close of business at 5 p.m.
"At this stage of the recovery process, the emphasis for assistance is to meet the long-term needs of victims. We believe that opening these two Disaster Loan Outreach Centers will better meet the current needs of Union and Page county residents and businesses," said Folsom.
SBA offers low-interest federal disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace property damaged or destroyed by the disaster. So far, SBA has approved more than $65 million in low-interest disaster loans to Iowa residents and businesses hurt by the severe storms, tornadoes and flooding.
SBA 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 non-profit 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 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 and some private, non-profit organizations only, 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.
To be considered for all forms of disaster assistance, victims should first call the Federal Emergency Management Agency (FEMA) at 1-800-621-3362 (TTY 1-800-462.7585.
For additional information about SBA disaster assistance, call the SBA Customer Service Center at (800) 6592955, or visit SBA's website at www.sba.gov/services/disasterassistance.
The filing deadline to return applications for property damage is September 29, 2008. The EIDL deadline is February 27, 2009.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Tuesday, 15-Jul-2008 12:06:55