DES MOINES, Iowa- Small Business Administration officials are expecting quite a number of Des Moines residents, hit by the June flood, to take advantage of low interest S-B-A disaster loans.
Spokesman Berl Kelton tells WHO Radio News the borrowing cap is $200,000 for homeowners and $40,000 for personal property, including vehicles. Businesses can borrow up to $2 million.
The typical interest rate for home loans is 1.9 percent, for businesses it's 3.6 percent, with terms up to 30-years.
The deadline to apply is February 11th. The S-B-A has set up a temporary disaster assistance office in Des Moines at the Polk County Office Building at 2309 Euclid Avenue.
The office will be open until December 21st, Monday thru Friday, 8-5. It will reopen January 3rd.
For additional information: 800-659-2955 or www.disasterloan.sba.gov/ela