Organizations with Storm Damage Eligible for SBA Loans

SIOUX FALLS, S.D. (AP) - The Small Business Administration says low-interest federal disaster loans are available to certain private, nonprofit organizations in South Dakota because of an April winter snowstorm.

SBA Administrator Karen Mills says organizations that provide essential governmental services in Douglas, Hutchinson, Lincoln, McCook, Minnehaha, Shannon and Turner counties are eligible for assistance.

The loans of up to $2 million can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The loans carry a 2.875 percent interest rate and can be financed with terms up to 30 years.

Interested organizations should register with FEMA. The filing deadline is July 9.