Derecho Storm Assistance
Financial Assistance Loan
Derecho Storm Assistance
The Derecho storm that swept through the area Monday, August 10th has been devastating to our communities. With the amount of damage, Hills Bank recognizes the challenges our customers are facing – and we’re here to help.
If you are an existing customer with a loan and/or deposit account, please connect with our banking team – online, by phone or at one of our branch locations - to explore options that might help during this time of need. Along with other options, we are offering a disaster assistance loan for qualified customers affected by the storms. There is a maximum loan amount of $7,500 at 2.997% APR* for up to 36 months, with no payment for 90 days.
*APR is Annual Percentage Rate, loans subject to credit approval.
Repayment example based on $7,500 borrowed on 9/15/2020 would result in 35 monthly payments of $219.19 beginning on 12/15/2020 and one payment of $219.14 on 11/15/2023.
We want to work with you to provide financial assistance when you need it most.
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Derecho Resources for BusinessesLearn More
Below are some resources to businesses impacted by the 8/10/20 Derecho. Please reach out to your business banker for any assistance needed during these times.
- Iowa Disaster Recovery — Get help recovering from a disaster in Iowa.
- SBA — Virtual Disaster Loan Outreach Center to assist Iowa Businesses
- Federal Emergency Management Agency (FEMA) — To be considered for all forms of disaster assistance, survivors must first contact FEMA.
- Marion Economic Development Corporation (MEDCO) — Low interest loans
- Iowa SBDC — How to prepare your business for the challenging times we are facing
- Iowa Private Nonprofit Organizations — SBA Disaster Assistance available
- Gazette Derecho Relief Business Marketing Grant
- Cedar Rapids Metro Economic Alliance — Derecho Storm Resources
- IRS Tax Relief Deadline Extended to December 15
- MidAmerican Energy — programs and rebates to help businesses conserve energy
- Cedar Rapids Community Foundation — Immediate need grants for 501(c)(3) non-profit organizations and governmental entities serving Linn County
- Greater Cedar Rapids Housing & Building Association — Contractor directory
- Iowa City Home Builders Association — Contractor directory
- East Central Iowa Council of Governments (ECICOG) — Provides Business Assistance Revolving Loan Funds (RLF)
- Iowa DNR State Forest Nursery — Replace trees that were destroyed during the derecho.