DAVENPORT, Iowa- Two organizations will be opening an SBA Business Recovery Center in Davenport on May 16 to help businesses impacted by severe storms and flooding.
May 14, the U.S. Small Business Administration and the Iowa Small Business Development Center announced the center will be opening in Davenport.
“Due to the severe property damage and economic losses the severe storms and flooding inflicted on Iowa businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives and Iowa Small Business Development Center counselors will be available to meet individually with each business owner,” she added. No appointment is necessary. All services are provided free of charge.
According to Iowa SBDC State Director Lisa Shimkat, SBDC business counselors at the center will provide business assistance on matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future.
“Services include assessing the business economic injury, evaluating the business’s strength, cash flow projections and most importantly, a review of options with the business owner to help them evaluate their alternatives and make decisions that are appropriate for their situation"-SBA’s Director Tanya N. Garfield
According to Garfield, businesses of any size 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. These loans cover losses that are not fully covered by insurance or other recoveries.