SACRAMENTO, Calif. — Director Tanya N. Garfield of the U.S. Small Enterprise Administration’s Catastrophe Subject Operations Heart-West in the present day reminded small nonfarm companies in 32 South Dakota counties and neighboring counties in Iowa, Minnesota and Nebraska of the March 14, 2022, deadline to use for an SBA federal catastrophe mortgage for financial harm.
These low-interest loans are to offset financial losses due to lowered revenues brought on by drought within the following main counties that started July 6, 2021.
• Main South Dakota counties: Beadle, Davison, Hutchinson, Jerauld, Kingsbury, McCook, Miner, Minnehaha, Sanborn, Tripp and Turner;
• Neighboring South Dakota counties: Aurora, Bon Homme, Brookings, Brule, Buffalo, Charles Combine, Clark, Clay, Douglas, Gregory, Hamlin, Hand, Hanson, Lake, Lincoln, Lyman, Mellette, Moody, Spink, Todd and Yankton;
• Neighboring Iowa county: Lyon;
• Neighboring Minnesota counties: Pipestone and Rock;
• Neighboring Nebraska counties: Cherry and Keya Paha.
In response to Garfield, small nonfarm companies, small agricultural cooperatives, small companies engaged in aquaculture and most non-public nonprofit organizations of any dimension could apply for Financial Damage Catastrophe Loans of as much as $2 million to assist meet working capital wants brought on by the catastrophe. “Financial Damage Catastrophe Loans could also be used to pay mounted money owed, payroll, accounts payable and different payments that can’t be paid due to the catastrophe’s impression,” mentioned Garfield.
The rate of interest is 2.88% for companies and a couple of% for personal nonprofit organizations with phrases as much as 30 years. Mortgage quantities and phrases are set by SBA and are primarily based on every applicant’s monetary situation.
By legislation, SBA makes Financial Damage Catastrophe Loans accessible when the U.S. Secretary of Agriculture designates an agricultural catastrophe. The Secretary declared this catastrophe on July 12, 2021.
Companies primarily engaged in farming or ranching will not be eligible for SBA catastrophe help. Agricultural enterprises ought to contact the Farm Providers Company in regards to the U.S. Division of Agriculture help made accessible by the Secretary’s declaration. Nevertheless, nurseries are eligible for SBA catastrophe help in drought disasters.
Candidates could apply on-line, obtain extra catastrophe help data and obtain functions at https://disasterloanassistance.sba.gov/. Candidates can also name SBA’s Buyer Service Heart at (800) 659-2955 or electronic mail disastercustomerservice@sba.gov for extra data on SBA catastrophe help. For people who find themselves deaf, exhausting of listening to, or have a speech incapacity, dial 7-1-1 to entry telecommunications relay companies. Accomplished functions ought to be mailed to U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Street, Fort Price, TX 76155.