Businesses that were impacted by the derecho storm in August are eligible for assistance. | Kip Ladage/National Weather Service
Businesses that were impacted by the derecho storm in August are eligible for assistance. | Kip Ladage/National Weather Service
Small businesses in eight Iowa counties could receive low-interest federal disaster loans to help with the economic hardships they've experienced because of the Aug. 10 derecho.
Businesses that are dependent on farmers and ranchers, in Iowa, Benton, Johnson, Keokuk, Linn, Poweshiek, Tama and Washington Counties can apply for loans of up to $2 million from the U.S. Small Business Administration.
"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage," Director Tanya Garfield of SBA's Disaster Field Operations Center-West wrote in a release posted on the City of Iowa CIty's website.
The loans have a 3% interest rate for businesses and 2.75% interest rate for private nonprofits. The maximum duration of the loan is 30 years. Those wishing to apply for the loan can find the application online, or by calling the SBA's Customer Service Center at 800-877-8339. Completed applications are due by June 30, 2021.
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