SIOUX FALLS, S.D. (AP) - The Small Business Administration says South Dakota private nonprofit organizations have until Sept. 28 to apply for an SBA federal disaster loan for property damage caused by June’s severe storms, tornadoes, straight-line winds and flooding.
Tanya Garfield, director of the SBA’s Disaster Field Operations Center-West, says eligible organizations may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
The loan program covers the storms from June 17-24.
The interest rate is 2.625 percent with terms up to 30 years.
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