WASHINGTON — During another tour of flood-damaged areas in Iowa, the Small Business Administration said it has increased benefits to victims including immediate access to loans of up to $14,000 without collateral and a $500,000 increase in the disaster loan cap to businesses.
Eligible borrowers may now take out a $14,000 loan without collateral, up from the previous $10,000 unsecured loan limit, according to SBA. The disaster loan cap for businesses has increased from $1.5 million to $2 million. Economic Injury Disaster loans now include private, non-profit organizations of all sizes. Borrowers are also not required to make a supplemental payment for the first five years after repayment begins.
The changes, which were recently signed into law under the Small Business Disaster Response and Loan Improvement Act of the 2008 Farm Bill, have officially been implemented by the SBA this week, the agency said.
Jovita Carranza, SBA acting administrator, toured Iowa yesterday.
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