Northwest, Iowa — Small businesses that are being impacted by the drought in 11 northwestern Iowa counties can now apply for low-interest federal disaster loans from the US Small Business Administration.
SBA spokesman Mark Randle there’s a wide range of businesses that are now eligible for the help.
Small businesses that qualify for the Economic Injury Disaster Loans may be able to get up to $2 million to help meet their financial obligations.
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.
Although none of the counties are in our four county area are covered, some bordering counties are. The 11 counties covered under the program are: Buena Vista, Calhoun, Clay, Dickinson, Emmet, Humboldt, Palo Alto, Pocahontas, Kossuth, Sac and Webster. The deadline to apply is April 17, 2023. Applicants may apply online at: https://disasterloanassistance.sba.gov/