Low-interest federal disaster loans are available to private nonprofit organizations, following President Trump’s federal disaster declaration for public assistance as a result of severe winter storms, snowstorm and flooding that occurred March 13 — April 26.
These low-interest federal disaster loans are available in Hughes County.
Private nonprofit organizations should contact the South Dakota Office of Emergency Management by calling 773-3231. The Federal Emergency Management Agency may provide the private nonprofit with a public assistance grant for their eligible costs. If not, FEMA may refer the private nonprofit to Small Business Administration for disaster loan assistance.
SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage in the future.
The interest rate is 2.75 percent with terms up to 30 years. The deadline to apply for property damage is Aug. 6. The deadline to apply for economic injury is March 9, 2020.