Relief Still Available to Iowa Small Businesses and Private Nonprofits Hit by May Storms: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

SACRAMENTO, Calif. - The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP)organizations in Iowa of the Feb. 24, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, tornadoes and flooding that occurred May 20-31, 2024.

The disaster declaration covers the counties of Adair, Adams, Audubon, Boone, Cass, Cedar, Clinton, Dallas, Fremont, Guthrie, Hamilton, Hardin, Jasper, Johnson, Jones, Linn, Madison, Mahaska, Marion, Marshall, Mills, Montgomery, Muscatine, Page, Polk, Pottawattamie, Poweshiek, Ringgold, Scott, Story, Tama, Taylor, Union and Warren.

Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for 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.

"When disasters strike, businesses and nonprofits face significant challenges," said Randle Logan, acting associate administrator for the SBA's Office of Disaster Recovery and Resilience. "These SBA loans provide the financial support they need to manage costs and continue moving forward."

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.

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] 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 Feb. 24.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]