SACRAMENTO, Calif.
– Small nonfarm businesses in the following area and counties 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 reduced revenues caused by the drought that occurred in the primary county and reservation, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
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15372 |
Oglala Lakota County in South Dakota |
Bennett, Custer, Fall River, Jackson and Pennington in South Dakota; Cherry, Dawes and Sheridan in Nebraska |
Drought |
Beginning Aug. 29, 2017 |
6/27/18 |
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15373 |
Pine Ridge Indian Reservation |
Bennett, Custer, Fall River, Jackson, Mellette, Oglala Lakota, Pennington and Todd in South Dakota; Cherry, Dawes and Sheridan in Nebraska |
Drought |
Beginning May 21, 2017 |
6/27/18 |
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disasters not occurred.
“Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. These loans can have an interest rate as low as 3.215 percent for businesses and 2.5 percent 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,” Garfield said.
By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these disasters on Oct. 27, 2017.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.
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. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.