SD 16202-03 SBA to Close Business Recovery Center in Sioux Falls

SACRAMENTO, Calif.

- Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA will close its Sioux Falls Business Recovery Center at 5 p.m. on Friday, Dec. 13. “SBA opened the center to provide personalized assistance to businesses that were affected by the severe storms, tornadoes and flooding that occurred Sept. 9-26, 2019,” said Garfield.

So far, SBA has approved $1,012,200 in federal disaster loans for South Dakota businesses and residents. According to Garfield, SBA has approved $24,700 for businesses and $987,500 for residents to help rebuild and recover from this disaster.

Until the center closes, SBA representatives will continue to meet with business owners to answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their electronic loan application and close their approved loans. No appointment is necessary.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.75 percent for homeowners and renters 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://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.

The deadline to apply for property damage is Jan. 17, 2020. The deadline to apply for economic injury is Aug. 18, 2020.