Small nonfarm businesses in six South Dakota counties are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration.
These loans offset economic losses because of reduced revenues caused by drought in Lake County that began June 13th. Neighboring counties are also eligible. They include: Brookings, Kingsbury, McCook, Miner, Minnehaha and Moody.
The eligibility covers both the economic impacts on businesses dependent on farmers and businesses directly impacted by the drought.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations may qualify for Economic Injury Disaster Loans of up to $2 million.
The U.S. Secretary of Agriculture declared this disaster on August 7th.
The deadline to apply is April 8, 2024.
August 10, 2023