SBA offers loans to help offset disaster-related costs for businesses and homeowners
June 14, 2019
Businesses and homeowners affected by severe weather earlier this year potentially can qualify for disaster loans through the U.S. Small Business Administration.
The disaster declaration includes severe winter weather and flooding that occurred between March 13 and April 26.
Counties affected include Minnehaha and Yankton, as well as several areas in western South Dakota. Businesses that suffered economic injury in contiguous counties, including Lincoln, also could be eligible.
Available funds include physical disaster loans for businesses, which can help repair or replace disaster-damaged property owned by the business; economic injury loans, which can provide working capital to help small businesses, small agricultural cooperatives and nonprofits; and home disaster loans.
“SBA loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation,” said Roger Busch, public information officer.
He recommends those affected register with FEMA first. If they’re referred to the SBA, they have until Aug. 6 to complete the process. The SBA is opening a business recovery center in Yankton this week and plans to open other full-service disaster recovery centers soon.
