Deadline Approaching in South Dakota for SBA Working Capital Loans Due to Severe Storm, Straight Line Winds, Tornadoes and Flooding

SACRAMENTO, Calif. - Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West today reminded South Dakota private nonprofit organizations of the May 2, 2023, deadline to apply for an SBA federal disaster loan for economic injury caused by severe storm, straight-line winds, tornadoes and flooding that occurred June 11 - 14, 2022. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.

According to Garfield, eligible private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. "Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage," Garfield said.

These low-interest federal disaster loans are available in Butte, Haakon, Jackson, Jones, McPherson and Spink counties.

The interest rate is 1.875 percent 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://disasterloanassistance.sba.gov/. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.