August 10 Iowa Derecho
ICUF Disaster Grant Program
The Iowa Credit Union Foundation (ICUF) supports Iowa credit union members who have been displaced from their homes for an extended period of time due to disasters such as tornadoes, flooding or fire. ICUF is able to provide assistance thanks to donor support and based on funds availability.
ICUF’s Disaster Grant eligibility is limited to Iowans who are members of an Iowa credit union, are displaced due to significant damage to their home and have critical financial need. Grants are limited to $500 per household. Submission of a grant application does not guarantee funding. If you have critical need due to displacement from your home, please contact your credit union for our grant assistance application. If you are unable to reach your credit union to access a grant application, please send an email to firstname.lastname@example.org.
U.S. Small Business Administration (SBA) Disaster and Economic Injury Loans
Derecho disaster loans are available through the U.S. Small Business Administration (SBA) if businesses or non-profits are located in a declared disaster area and has experienced damage.
How Much and What For:
Up to $2 million to repair or replace buildings, leasehold improvements to buildings, machinery, equipment, fixtures or inventory.
What It Covers:
Disaster losses not fully-covered by insurance.
If the business is required to apply insurance proceeds to an outstanding loan on the damaged assets, the business can include that amount in its disaster loan request.
If the business makes improvements to help reduce the risk of future property damage caused by similar disaster, it might be eligible for up to a 20% increase in the loan amount.
- The interest rate will not exceed 4 percent if the business cannot obtain credit elsewhere.
- For businesses and nonprofit organizations with credit available elsewhere, the interest rate will not exceed 8 percent.
- SBA determines whether the applicant has credit available elsewhere.
- Repayment terms can be up to 30 years, depending on the ability of the business to repay the loan.
How Much and What For:
Up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
- The interest rate will not exceed 4 percent per year.
- The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
- EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
- A business may qualify for both an EIDL and a Physical Disaster Loan. The maximum combined loan amount is $2 million.