Businesses and Residents Affected by Severe Storms and Flooding in June Can Apply for Loans
Lincoln, Neb. — Low-interest federal disaster loans are now available to Nebraska businesses and residents in six Nebraska and two Iowa counties affected by the severe storms and flooding in June 25–30, thanks to a disaster declaration approved by the Small Business Administration following a request from Gov. Pete Ricketts on Aug. 6.
SBA Administrator Linda McMahon of the U.S. Small Business Administration announced yesterday that the SBA acted under its own authority to declare a disaster. The disaster declaration makes SBA assistance available in Burt, Cuming, Dakota, Dixon, Thurston and Wayne counties in Nebraska; and Monona and Woodbury counties in Iowa.
“We are grateful that the Small Business Administration so quickly approved our request to help businesses and individuals recover from severe storms and flooding in June through these low interest loans,” said Nebraska Emergency Management Agency Assistant Director Bryan Tuma. “Their support will help Nebraskans whose property was damaged or destroyed and we deeply appreciate the assistance.”
Beginning Thursday, Aug. 9, at 9 a.m., SBA representatives will be available at the Disaster Loan Outreach Center, 614 Main St., Suite 3 in Pender, to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application. The center will be open Monday-Friday, 9 a.m. to 6 p.m. until Thursday Aug. 23 at 6 p.m. No appointment is necessary.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.61 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
The deadline to apply for property damage is Oct. 9, 2018. The deadline to apply for economic injury is May 7, 2019.