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SBA Offers Disaster Assistance to Iowa Businesses and Residents Affected by Davenport Apartments Hotel Building Collapse

SACRAMENTO, Calif.Low-interest federal disaster loans are available to Iowa businesses and residents affected by the May 28 Davenport Apartments Hotel Building Collapse, the Iowa Administration announced. Administrator Isabella Casillas Guzman from the Federal Small Business Agency (SBA). The SBA decided on its own authority to declare a disaster in response to Governor Kim Reynolds’ request on June 7.

The disaster declaration makes SBA assistance available in Cedar, Clinton, Muscatine and Scott counties in Iowa; and in neighboring Rock Island County in Illinois.

“SBA’s mission-driven team stands ready to help small businesses and residents from Iowa impacted by he Hotel Davenport Apartments Building Collapse,” said Administrator Guzman. “We are committed to providing federal disaster loans as quickly and efficiently as possible, with a customer-focused approach to help businesses and communities recover and rebuild.”

“Low-interest federal disaster loans are available to businesses of any size, most private non-profit organizations, homeowners and renters whose property was damaged or destroyed by the disaster,” said Francisco Sánchez, Jr. ., Associate Administrator, Small Business Administration (SBA) Office of Disaster Recovery and Resiliency. “SBA worked closely with state and local officials to support this disaster declaration, opening two Disaster Loan Outreach and Assistance Centers (DLOCs) to serve the public. . The first center will open on June 12. SBA customer service representatives will be available to answer questions about the SBA disaster loan program, explain the loan application process and help each person complete their application,” Sanchez added. The centers will be open on the days and times indicated below. No appointment necessary.

SCOTT COUNTY
Disaster Loan Promotion and Assistance Center
The Salvation Army of The Quad Cities & Davenport
100 Kirkwood Boulevard
Davenport, IA  52803
Will open Monday, June 12 at 9 am
Monday – Friday, 9 a.m. – 6 p.m.
It will close on Friday, June 16

SCOTT COUNTY
Disaster Loan Promotion and Assistance Center
TMBC at The Lincoln Center
318 East Seventh Sthe tree
Davenport, IA  52803
Will open on Tuesday, June 20 at 9 am
Monday – Friday, 9 a.m. – 6 p.m.

Businesses of any sizeño and private nonprofit organizations may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory, and other assets. In addition, SBA may lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent, or minimize the same type of damage from occurring in the future.

The SBA offers Disaster Loans by Dayñthe Economic ones (EIDL) a small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private non-profit organizations of all sizes to help them meet working capital needs caused by the disaster. The assistance to giveñEconomic damage is available regardless of whether the business suffered any physical damage to the property.

Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real property. Homeowners and renters are eligible to receive up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Loan interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.5 percent for homeowners and renters for terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants can apply online, receive additional information on disaster assistance, and download applications at www.disasterloanassistance.sba.gov. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or send an email to [email protected] for more information on SBA disaster assistance. People who are deaf, hard of hearing, or speech impaired should dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to the Small Business Administration (SBA) Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for a physical injury loan is August 7, 2023. The deadline to apply for an economic injury loan is March 8, 2024.

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Recently, the SBA Administrator, Isabella Casillas Guzmán, announced a policy change granting 12 months without payments and 0% interest. This refers to all disaster loans approved in response to disasters declared from September 21, 2022 through September 30, 2023. This policy change will benefit disaster survivors and help them lower the overall cost of recovery by reducing the amount of accrued interest they must pay. Details are available through the SBA Disaster Assistance Customer Service Center at (800) 659-2955. People with hearing or speech disabilities can dial 7-1-1 to access telecommunications relay services from 8:00 am to 8:00 pm ET, Monday through Friday, or send an email to [email protected].

About the Small Business Federal Agency (SBA)
The Small Business Administration (SBA) makes the American dream of owning a business come true. As the sole resource and voice for small businesses, and 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, or expand their businesses or recover of a declared disaster. It offers services through its extensive network of field offices and partnerships with public and private organizations. For more information, visit www.sba.gov o www.sba.gov/espanol.

2023-06-10 00:34:22


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