The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Iowa of the March 27, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the May 20‑31, 2024, severe storms, tornadoes and flooding.
The disaster declaration covers the counties of Adair, Adams, Buena Vista, Butler, Calhoun, Cedar, Cherokee, Clay, Dallas, Franklin, Hamilton, Hancock, Harrison, Humboldt, Iowa, Jackson, Jasper, Kossuth, Marshall, Mitchell, Montgomery, Muscatine, Polk, Pottawattamie, Poweshiek, Shelby, Story, Tama and Wright.
Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature and suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
EIDLs are available for working capital needs cause by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
"SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at 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."
Interest rates can be as low as 3.25% 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 amounts and terms based on each applicant’s financial condition.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.
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.
Submit completed loan applications to the SBA no later than March 27, 2025.