At Lincoln Savings Bank, we are committed to helping our customers navigate through these unprecedented and uncertain times in any way we can.
To support you, Lincoln Savings Bank is staying up to date on resources available to our business customers through the U.S. Small Business Administration (SBA) and the State of Iowa.
Below you will find an overview of the resources available to small business owners in Iowa.
Iowa Small Business Relief Fund
Governor Reynolds has announced a new Iowa Small Business Relief Program that will provide financial assistance to Iowa small businesses economically impacted by the COVID-19 pandemic in the form of grants and tax deferrals.
Grants range in amount from $5,000-$25,000, and eligible businesses are being offered a deferral of sales and use or withholding taxes due and waiver of penalty and interest.
More information about the relief fund, along with other resources for Iowa business, is available at the Iowa Economic Development Authority’s COVID-19: Iowa Business Recovery Assistance.
Disaster Assistance Loans
The SBA is offering low-interest federal disaster loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). All impacted businesses in Iowa are eligible to apply for Economic Injury Disaster Loans (EIDL).
EIDL loans help businesses that are unable to meet obligations and pay for ordinary and necessary operating expenses. They can provide up to $2 million for working capital to help a business survive until normal operations resume.
As your financial partner, we are here to offer support. Please contact us or call us at 800-588-7551 right away if your business has been significantly impacted by COVID-19.