Low-interest federal disaster loans are now available to Utah businesses and residents affected by the severe storms and flooding that occurred Aug. 1, primarily in Southern Utah. The U.S. Small Business Administration has made the loans available in response to a request it received from Gov. Spencer J. Cox in September.
“Cedar City and surrounding areas were devastated this summer when immense storms turned into extreme flooding damaging homes, businesses and government buildings,” said Marla Trollan, SBA Utah District director. “Citizens came together to fill sandbags and clean up the aftermath that happened in their town and to their neighbors. That support continued as Gov. Cox declared a disaster and the SBA made loans available for businesses and residents in Southern Utah.”
The disaster declaration makes SBA assistance available in Beaver, Garfield, Iron, Kane and Washington counties in Utah and Lincoln County in Nevada.
“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 SBA’s Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Information on the loan program is available online at https://disasterloanassistance.sba.gov/ or by telephone at (800) 659-2955. The deadline to apply for property damage is Nov. 30. The deadline to apply for economic injury is July 1, 2022.
