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Many businesses in our local community have been or will be experiencing the economic impact of the social distancing policies being implemented across the country. We at Iowa Savings Bank are mindful of the day-to-day impacts being faced by our community businesses and are committed to work with those that are struggling to weather the storm.
One organization we partner with that is designed to help small business in times of need is the Small Business Administration (SBA). Iowa Savings Bank has a long history of working with the SBA to help business owners in our community get access to needed financing. Once Iowa is designated as eligible, SBA’s Economic Injury Disaster Loan program can be utilized to get up to $2 million of emergency operating loans at low interest rates and favorable terms. In addition to this existing program, our lawmakers are currently working on multiple new SBA programs that partner with your local community bank to provide the financial support needed to those impacted businesses.
As you know the situation has been very fluid and many of the details of these special SBA programs are yet to be fully hammered out. I will continue to monitor these programs and am ready to work with our community businesses as needs arise. If you have questions about SBA programs, or business loans in general, please call me at our Carroll office at (712) 792-9772.
Iowa Savings Bank has been a community bank since 1902, so this is not the first challenging time our community bank has witnessed. It is important we all remember that, as with all challenging times in the past, this difficult time will also pass.
Sincerely,
Lenny Daniel
Vice President