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SBA says $5M is available for SD disaster assistance loans

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Signage for the Federal Emergency Management Administration's Disaster Recovery Center at the Davison County Fairgrounds is pictured along West Havens Avenue on Dec. 12, 2019. (Marcus Traxler / Republic)

The U.S. Small Business Administration’s Disaster Field Operations Center announced Thursday that SBA has approved more than $5 million in federal disaster loans for South Dakota businesses and residents impacted by severe storms, tornadoes and flooding that occurred in mid-September 2019.

According to Director Tanya Garfield, SBA has approved $119,700 for businesses and $5,026,800 for residents to help rebuild and recover from the disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield in a news release.

The funds are available to affected businesses and residents in Brookings, Charles Mix, Davison, Hanson, Hutchinson, Lake, Lincoln, McCook, Minnehaha, Moody and Yankton counties; the Flandreau Santee Indian Reservation; and the Yankton Indian Reservation who sustained damages.

Those affected are encouraged to register prior to the Jan. 17 deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.

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“Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” Garfield said.

The following Disaster Recovery Centers are open in South Dakota:

  • Davison County: Davison County Fairgrounds, 3200 W. Havens Ave., Mitchell. Hours: Mondays-Saturdays, 9 a.m. to 6 p.m.

  • Hanson County: Hanson County Courthouse, 720 Fifth St., Alexandria. Hours: Mondays-Saturdays, 9 a.m. to 6 p.m. (Note: Center’s last day is scheduled for Saturday, Jan. 4)

  • Lake County: Former Cars for Les building, 455 S. Highland Ave., Madison. Hours: Mondays-Saturdays, 9 a.m. to 6 p.m.

  • Minnehaha County: Southeast Technical Institute, Ed Wood Trade and Industry Center, 2000 N. Career Ave., Room 207, Sioux Falls. Hours: Mondays-Saturdays, 9 a.m. to 6 p.m.

Businesses of all sizes 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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is August 18, 2020.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.75 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

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