DES MOINES, Iowa - Governor Kim Reynolds has announced that low interest disaster loans are available to small businesses in Iowa.
The loans are coming from the U.S. Small Business Administration (SBA), which has issued a disaster declaration for Iowa. Reynolds had submitted a request through the SBA’s Economic Injury Disaster Loan program.
“This SBA Disaster Loan program is vital in assisting our small businesses that have been so heavily impacted by these unprecedented times,” said Governor Reynolds. “I will continue to work with President Trump and his administration to provide relief to Iowa small businesses as we combat the spread of COVID-19 in Iowa.”
The SBA is now making loans for up to $2 million to help makeup the temporary loss of revenue to the businesses.
The interest rate is 3.75% for small businesses and 2.75% for non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.