MARSHALLTOWN, Iowa- The Small Business Administration has started working with Marshalltown tornado victims. The S-B-A is known for helping launch businesses, but they also offer low interest loans in times of disaster to individuals and those who own companies.
Burl Kelton of the SBA says residents of Marshall, Grundy, Hardin, Jasper, Poweshiek, Story, and Tama counties may be eligible for an S-B-A loan. The SBA loans may have a term of up to 30-years, but law restricts businesses with credit available elsewhere to a maximum of seven years. The loans can be up to $200,000 for physical damages, $40,000 for personal property and up to $2 million for businesses. The application deadline is September 28, 2018 for physical damage, and April 30, 2019 for economic injury.
The S-B-A has opened a temporary office in the Fisher Community Center in Marshalltown, Monday-through-Friday, 8 a.m. to 5 p.m. Counselors will review credit history and collateral, and discuss repayment.
Applications can also be done on line, at www.disasterloan.sba.gov/ela. There's also a toll free number, 1-800-659-2955.