Iowa Small Businesses Can Apply for COVID-19 Disaster Recovery Loans Through the Small Business Administration
Mar 20, 2020
The federal government has announced that Iowa has received an economic injury disaster declaration through the U.S. Small Business Administration (SBA) and small business owners in Iowa are now eligible to apply for a low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan is available statewide to small businesses and private, nonprofit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus. The loan offers up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Before applying for this loan, however, businesses should work with their current lenders to secure more favorable terms of credit. Doing it in reverse may cause issues in the future.
Have questions or need assistance with the application? Reach out to:
- Score of East Central Iowa
- Small Business Development Center - Iowa
- Iowa Center's Women's Business Center
- Veteran's Business Resource Center