Small Business Administration has federal disaster loans available in South Dakota counties

SACRAMENTO, Calif. (KCAU) — The U.S. Small Business Administration has announced that low-interest federal loans are now available for some businesses and residents in South Dakota under Biden’s presidential disaster declaration .

The federal disaster loans will be available in Davison, Lincoln, Turner and Union counties. This comes after the four counties were made eligible for FEMA aid following recent severe flooding.

“SBA’s mission-driven team stands ready to help South Dakota’s small businesses and residents impacted by severe storms, straight-line winds and flooding,” SBA Administrator Isabel Casillas Guzman said in a statement. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Businesses and private nonprofits can borrow up to $2 million for repairing and replacing real estate and business assets. SBA also has loans for proofing for any future disasters.

Homeowners may be eligible for disaster loans of up to $500,000 to repair or replace damaged or destroyed real estate. Up to $100,000 may also be available for homeowners and renters with damaged or destroyed personal property, including personal vehicles.

SBA will also provide in-person assistance at Disaster Recovery Centers when those open.

For more information on the loans available and their interest rates, click here .

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