Clay County eligible for SBA disaster loans

Clay County eligible for SBA disaster loans The Office of Emergency Management has been notified that some South Dakota counties can now apply for low interest Economic Injury Disaster Loans from the U.S. Small Business administration (SBA). Clay County is eligible, as it has been identified as a contiguous county to a Nebraska county.

The eligibility is as a result of drought, high temperatures, and grasshopper infestation that occurred from July 1, 2002, and continuing and high winds from April 29, 2003 through July 30, 2003. The event caused many farmers and ranchers to experience reduced incomes which may have had an adverse economic effect on businesses in Clay County that depend upon these producers.

To obtain an application or receive additional information, interested business owners may call the SBA toll-free at 1-800-366-6303 or TDD 817-267-4688 for the hearing impaired. The deadline for filing an application is August 2, 2004.

The loan can help a business meet installments on long-term debt, accounts payable and overhead expenses that would have been met had the disaster not occurred. Refinancing of long-term debt, however, is not eligible under this program. The loan is designed for those businesses with substantial disaster-related needs and is intended to supplement monies the business owner can provide from other sources. Nurseries that are victims of drought disaster can also apply.

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