SBA Approved Disaster Loans for Wallace County

By Trish Svoboda

Residents and business owners in Wallace County affected by tornadoes, derechos, and flooding from severe storms July 14–21 now have access to low-interest federal disaster loans approved by the Small Business Administration (SBA). This assistance is available to both rural and non-rural areas in Wallace County, due to the disaster declaration.

Businesses, regardless of size, and private nonprofit organizations can borrow up to $2 million for the restoration or replacement of damaged or destroyed assets. The SBA can also provide additional funds to support businesses and homeowners to cover the expenses of enhancements geared at protecting, preventing, or minimizing damage in the future.

Homeowners are able to borrow disaster loans of up to $500,000 for the restoration or replacement of damaged or destroyed real estate. Additionally, both homeowners and renters are qualified for up to $100,000 to address the repair or replacement of damaged or destroyed personal property, including vehicles.

The application deadline for property damage is Feb. 20, 2024.

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