Economic disaster loans now available for 6 South Dakota counties
Non-farm small businesses in six counties in South Dakota and neighboring counties in Nebraska and Wyoming can now apply for low-interest federal disaster loans from the US Small Business Administration.
Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West said the loans are offsetting economic losses due to reduced incomes caused by the drought in Fall River and Oglala Lakota counties that began August 9.
Neighboring South Dakota counties include Bennett, Custer, Jackson, and Pennington. In Nebraska, neighboring counties include Cherry, Dawes, Sheridan, and Sioux. Niobrara County in Wyoming is also included.
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster,” Garfield said.
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Small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $2 million for help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
“Eligibility for these loans is based solely on the financial impact of the disaster and not on the actual property damage. These loans have an interest rate of 3.04% for businesses and 1.875% for private organizations not-for-profit, a maximum term of 30 years and are available to small businesses and most private non-profit organizations without the financial capacity to offset the negative impact without hardship,” Garfield said.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on October 3.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at 800-659-2955 or email firstname.lastname@example.org for more information about SBA disaster assistance.
For people who are deaf, hard of hearing or have a speech impediment, please dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to file an economic injury claim is June 5, 2023.