The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Iowa of the approaching deadline to apply for federal disaster loans. These loans are intended to offset economic losses from severe weather events, including storms, flooding, winds, and tornadoes that occurred between June 16 and July 23, 2024. The application deadline is April 24, 2025.
The disaster declaration covers several counties in Iowa: Buena Vista, Cherokee, Clay, Des Moines, Dickinson, Dubuque, Emmet, Floyd, Harrison, Howard, Humboldt, Jackson, Kossuth, Lyon, Mitchell, Monona, O’Brien, Osceola, Palo Alto, Plymouth, Pocahontas, Pottawattamie, Scott Sioux Winnebago Winneshiek Woodbury Worth and Wright.
Eligible private nonprofits providing non-critical governmental services can access the SBA’s Economic Injury Disaster Loan (EIDL) program. This includes entities like food kitchens and homeless shelters. EIDLs are available for working capital needs caused by the disaster and can be used even if no physical damage was incurred.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said Chris Stallings of the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Loan amounts can reach up to $2 million with interest rates as low as 3.25% and terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement.
Applicants are encouraged to submit their applications promptly as they will be processed in order of receipt. Applications can be submitted online at sba.gov/disaster or by contacting SBA's Customer Service Center.