SBA Approves $45 Million in Disaster Loans for Flood Victims

Small business owners and other organizations who suffered economic damage from the flooding in Nebraska earlier this year can now apply for Disaster Assistance Loans.

The U.S. Small Business Administration approved $45 million of loans for Nebraska flood victims Tuesday. The loans are designed to cover economic damage, not property damage and help entities like small businesses and private non-profits.

Bill Koontz, a spokesperson for the SBA, said the agency offers loans at below market rate, which is sometimes the cheapest money out there.

“SBA will also make loans to people that perhaps might be unable to get a loan from a traditional source like a bank," Koontz said. "For some folks, this is the only way they can get the money they need to rebuild and repair things.”

Businesses or non-profits may qualify for up to $2 million in loans. Applications for Disaster Assistance Loans close on Dec. 23, 2019.