SBA offers loans to help with damage from Utah’s August flooding
Oct 3, 2023, 5:00 PM
(Kristin Murphy, Deseret News)
SALT LAKE CITY — Businesses, homeowners, and renters who suffered damage from August storms in Utah may be eligible for SBA loans from the U.S. Small Business Administration.
Beginning this week, the SBA is offering loans of up to $2 million for businesses. The loans can be up to $500,000 for certain homeowners. And up to $100,000 is available for certain renters.
According to the SBA, the agency may offer 30-year loans with rates of 4% for businesses, 2.375% for private non-profits and 2.5% for homeowners and renters.
Draper was hit particularly hard by the torrential rain earlier this year. Residents of Salt Lake, Davis, Morgan, Tooele, Utah, Summit and Wasatch Counties also experienced flooding.
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Director Jeffrey Lusk of the U.S. Small Business Administration’s Disaster Field Operations Center-West.
According to a press release sent to KSL, representatives from the SBA will be available at a Disaster Loan Outreach Center in Salt Lake County to answer questions and explain the application process.
How/where to apply for an SBA loan in Utah
The center will be open Monday through Friday, from 9 a.m. to 6 p.m. It will close on Monday, Oct. 9.
No appointment is necessary. The deadline to apply for property damage is Dec. 1, 2023.
The deadline to apply for economic injury is July 2, 2024.
For businesses and non-profit organizations, help is available to repair or replace real estate, machinery, equipment, inventory, and other business assets.
The SBA said it can also help with the cost of improvements that will reduce or prevent flooding damage from happening in the future.
Our previous coverage:
- Draper declares state of emergency after monsoon flooding damages roads
- Red Cross responds to multiple apartment floods in Sandy
- Draper homeowners left with massive cleanup after torrential rain