South Dakota businesses and residents now have access to low-interest federal disaster loans following President Joe Biden’s major disaster declaration.
Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair damaged or destroyed property from the flood earlier this summer.
Small businesses can apply for Economic Injury Disaster Loans to help meet working capital needs caused by the disaster, according to the Small Business Administration.
Homeowners can apply for two different loans to help repair costs for damaged real estate and personal property.
All loans have low interest that does not accrue until 12 months from the date of the first disaster loan disbursement.
