SBA Regional Business Recovery Center to Open in Pottawattamie County

SBA Regional Business Recovery Center to Open in Pottawattamie County

Posted May 20, 2024
Posted by: Public Relations

Pottawattamie County, Iowa – The Small Business Administration and Pottawattamie County Emergency Management Agency have partnered to establish a Business Recovery Center that will serve Pottawattamie, Shelby, and Harrison County disaster survivors.

The Business Recovery Center (BRC) supports the SBA Office of Disaster Assistance in its mission to provide low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.

“It’s important to our way of life in rural America to do everything we can to support those that make our communities thrive and grow, especially our small businesses,” said Doug Reed, director of Pottawattamie County Emergency Management. Reed commented, “the SBA has always been a valuable partner of our program and is always at the ready to assist any way they can.”

Businesses 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 recovery mechanisms.

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.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Pottawattamie Regional BRC Information

Minden, Iowa Fire Station

207 Main St., Minden, Iowa 51553

Opens: Monday, May 20th at 1:00pm CT

Scheduled Hours of Operation

Mondays through Fridays 9:00 am – 6:00 pm CT

Saturdays 8:00 am – 4:00pm CT