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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.