Businesses Affected by Flooding: SBA Office Now Open in Glenwood
April 4, 2019
We know several ABI members have been affected by the flooding in Iowa. The Small Business Administration (SBA) has officially opened an office in Glenwood to provide relief for businesses impacted by the flood. The office is located at the Glenwood Resource Center, 111 Lacey Meyer Complex, 2nd Floor, Room 208, Glenwood, IA 51534. Its hours of operation are Monday–Saturday, 9 a.m. to 6 p.m. The services are free, and no appointment is necessary.
SBA Director Tanya N. Garfield, who represents SBA’s Disaster Relief Operations in the Midwest, stated, “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives and Iowa Small Business Development Center counselors will be available to meet individually with each business owner.” She also stated, “SBA customer service representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application.”
SBA’s website says that “businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.” It also says, “For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.”
If traveling to the recovery center is not possible, applying for a disaster loan online or calling their customer service number is an option. The contact information is https://disasterloan.sba.gov/ela or 800-659-2955. The property damage application deadline is May 22, and the economic injury deadline is December 23. The SBA also has a resource guide for post-flood recovery on their website. For more information, please contact Drew Wynes.