Undated (KICD)–Small, nonfarm businesses in a number of area counties are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration.
Primary Iowa Counties include, Buena Vista, Calhoun, Pocahontas and Sac with local neighboring counties including Cherokee, Clay, Kossuth, O’Brien, and Palo Alto eligible for theses loans to offset economic losses because of reduced revenues caused by the drought that occurred from August 27th to October 28th last year.
Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 2.875% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship
Contact the U.S. Small Business Administration to apply for these loans.