Iron County residents impacted by flooding may qualify for low-interest SBA loans, officials say

Local residents wade through floodwaters near Midvalley Road, Enoch, Utah, Aug. 1, 2021 | File photo by Jeff Richards, St. George News / Cedar City News

CEDAR CITY — Although areas of Iron County that were affected by monsoonal flooding this summer were recently declined federal assistance from the Federal Emergency Management Agency, local officials say some financial relief may still be available.

Volunteers clean mud out of gutters in Cross Hollow area, Cedar City, Utah, July 27, 2021 | Photo by Jeff Richards, St. George News / Cedar City News

Last week, Cedar City Mayor Maile Wilson-Edwards, Enoch Mayor Geoffrey Chesnut and Iron County Commissioner Mike Bleak went public with a Facebook video and accompanying post notifying local residents impacted by the flooding that they may qualify for low-interest disaster loans through the U.S. Small Business Administration.

As previously reported by Cedar City News, on Sept. 23, Wilson-Edwards announced that FEMA had declined the city’s application for financial assistance, which was made in conjunction with Enoch City and Iron County.

“It was determined that there was not enough damage to public infrastructure in Cedar City for FEMA to provide any assistance,” Wilson-Edwards wrote in a Facebook post at the time.

However, during Monday’s Iron County Commission meeting, County Auditor Dan Jessen said qualifying homeowners will be able to borrow up to $200,000 to repair or replace damaged or destroyed real estate. Additionally, homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. 

“Interest rates are as low as 2.855% for businesses, 2% for private nonprofit organizations and 1.563% for homeowners and renters, with terms of up to 30 years,” Jessen said, adding that loan amounts and terms are set by the SBA and are based upon the applicant’s financial conditions. 

Applications may be made online by visiting the SBA disaster assistance website. For additional information, call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerserv[email protected].

The deadline to apply for property damage is Nov. 30. The deadline to apply for economic injury is July 1, 2022.

Copyright St. George News, LLC, 2021, all rights reserved.

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