The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Iowa of the March 24, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, flooding, straight-line winds and tornadoes that occurred June 16-July 23, 2024.
The disaster declaration covers the counties of Buena Vista, Calhoun, Cass, Cedar, Cherokee, Clay, Clinton, Crawford, Dickinson, Emmet, Hancock, Harrison, Humboldt, Ida, Kossuth, Lyon, Mills, Monona, Montgomery, Muscatine, O’Brien, Osceola, Palo Alto, Plymouth, Pocahontas, Pottawattamie, Sac, Scott, Shelby, Sioux, Webster, Woodbury and Wright in Iowa, as well as the county of Rock Island in Illinois, Jackson, Martin, Nobles and Rock counties in Minnesota, Burt, Dakota, Douglas, Sarpy, Thurston and Washington counties in Nebraska, and Lincoln, Minnehaha and Union counties in South Dakota.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return economic injury applications is March 24.