SBA Economic Disaster Loans Available For Small Businesses In South Dakota And Nebraska Community
SACRAMENTO, Calif .– Small non-farm businesses in the following counties are now eligible to apply for low-interest federal disaster loans with the US Small Business Administration. These loans compensate for the economic losses due to the reduction in income caused by the drought that has occurred in the following major counties of South Dakota, announced Director Tanya N. Garfield of the Center for Field Relief Operations in South Dakota. the SBA-West.
Declaration Number: 17024
• Main counties: Aurora, Bon Homme, Brown, Brule, Charles Mix, Douglas, Gregory, Hughes, Hyde, Lincoln, Lyman, Pennington, Stanley, Sully, Union and Yankton
• Neighboring counties: Buffalo, Clay, Custer, Davison, Day, Dewey, Edmunds, Faulk, Haakon, Hand, Hutchinson, Jackson, Jerauld, Jones, Lawrence, Marshall, McPherson, Meade, Mellette, Min-nehaha, Oglala Lakota, Potter , Sanborn, Spink, Tripp, Turner and Ziebach in South Dakota; Lyon, Plym-outh, Sioux and Woodbury in Iowa; Boyd, Cedar, Dakota, Dixon, Keya Paha and Knox in Nebraska; Dickey and Sargent in North Dakota; and Weston in Wyoming
• Type of incident: drought
• Date of the incident: from May 1, 2021
Meanwhile, small non-farm businesses in Nebraska’s 13 counties and neighboring South Dakota counties are now eligible to apply for low-interest federal disaster loans with the US Small Business Administration, the director said. Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West. These loans compensate for the economic losses due to the reduction in income caused by the drought in the following major counties which began on June 22, 2021.
• Primary counties of Nebraska: Boyd, Cedar, Holt and Knox;
• Neighboring counties of Nebraska: Antelope, Dixon, Garfield, Keya Paha, Loup, Pierce, Rock, Wayne and Wheeler;
• Neighboring South Dakota: Bon Homme, Charles Mix, Clay, Gregory and Yankton.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and on businesses directly affected by the disaster,” Garfield said.
Small non-farm 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. dollars to help meet financial obligations and operating expenses that might have been covered had the disaster not occurred.
“Eligibility for these loans is based solely on the financial impact of the disaster and not on actual property damage. These loans have an interest rate of 2.88% for businesses and 2% for private non-profit organizations, with a maximum term of 30 years and are available for small businesses and most private for-profit organizations. nonprofit without the financial capacity to offset the negative impact without difficulty, ”Garfield said.
By law, the SBA makes economic disaster loans available when the US Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on June 25, 2021.
Businesses primarily engaged in agriculture or ranching are not eligible for SBA disaster assistance. Farm businesses should contact the Farm Services Agency regarding the U.S. Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA drought disaster assistance.
Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to submit an economic loss claim is February 25, 2022.