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Federal loans offered to survivors, businesses impacted by the Davenport apartment collapse

In the aftermath of the Davenport building collapse, the SBA is providing assistance to local businesses and displaced renters.

DAVENPORT, Iowa — Disaster assistance loans from the US Small Business Administration are available for those impacted by the collapse at 324 Main St. They are low-interest and allow some relief from the financial disruptions caused by the collapse. 

The SBA's Disaster Loan Outreach Center has relocated in order to be more accessible and better serve those impacted by the collapse. It's located in the Lincoln Center at 318 E. Seventh St. in Davenport. The center is open until Thursday, July 6, Monday through Friday, from 9 a.m. to 6 p.m.

Customer service representatives will be available to answer any questions people have about the loan program. Appointments are not needed. 

"We're committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild," SBA's Administrator Isabella Guzman said.

Individuals and families who rented out a property will receive up to $40,000 to repair or replace personal property. Those who owned a home nearby the wreckage are eligible for up to $200,000 to repair and replace damage to their property, and an additional $40,000 for personal property replacement.

Businesses in downtown Davenport can also apply for loans based on property damage or for negative economic impacts as a result of the collapse. 

Businesses that experienced property damage can receive up to $2 million to replace any equipment, inventory and other assets. If the impact was the loss of revenue, small businesses and private non-profits can apply for up to $2 million in capital until business returns to normal.

For property damage, the deadline to apply is Aug. 7. Those experiencing economic injury have until March 8, 2024 to apply. 

Inquiries about the program can be sent to disastercustomerservice@sba.gov.

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