Disaster assistance available for South Dakota small businesses
Small, non-farm businesses in 50 South Dakota counties and neighboring counties in Iowa and are now eligible to apply for low‑interest federal disaster loans from the U. S. Small Business Administration.
"These loans offset economic losses because of the drought, excessive heat, high winds, hail, frosts and freezes that began January 1, 2012, in the following primary South Dakota counties," Alfred E. Judd, Director of SBA's Disaster Field Operations Center-West, said.
The South Dakota counties include: Brown, Brule, Buffalo, Corson, Faulk, Hand, Harding, Hughes, Hyde, Lake, Lyman, Mellette, Miner, Minnehaha, Moody, Perkins, Potter, Sanborn, Stanley, Sully and Ziebach, Aurora, Beadle, Bennett, Brookings, Butte, Campbell, Charles Mix, Davison, Day, Dewey, Edmunds, Gregory, Haakon, Hanson, Jackson, Jerauld, Jones, Kingsbury, Lincoln, Marshall, McCook, McPherson, Meade, Pennington, Spink, Todd, Tripp, Turner and Walworth.
The Minnesota counties include Lincoln, Pipestone and Rock. Lyon County is the only Iowa county eligible.
"SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster," Judd said.
Small, non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 3% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship," Judd said.
By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Governor Dennis Daugaard.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary's declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.
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