The U.S. Small Business Administration announced Tuesday the opening of an SBA Business Recovery Center in Yankton on Friday, June 14, to provide a wide range of services to businesses impacted by the severe winter storm, snowstorm and flooding that occurred March 13-April 26, 2019.
“Due to the severe property damage and economic losses the severe winter storm, snowstorm and flooding inflicted on South Dakota businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner.”
No appointment is necessary. All services are provided free of charge. The center will open as indicated below.
• YANKTON COUNTY — Business Recovery Center; Career Manufacturing Technical Education Academy (or RTEC), 1200 West 21st St., Suite 112, Yankton; Hours: 9 a.m. Friday; Mondays-Fridays 9 a.m.-6 p.m.
“SBA customer service representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” Garfield said.
According to interim State Director Mark Slade, South Dakota Small Business Development Center business consultants can provide business assistance to clients on a wide variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future. “Services include assessing business working capital needs, evaluating the business’s strength, cash flow projections, and most importantly, a review of options with the business owner to help them evaluate their alternatives and make decisions that are appropriate for their situation,” he said.
Garfield said businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.
For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
SBA representatives will meet with business owners and residents at disaster recovery centers located throughout the impacted area as they are established. For a list of locations, or to receive additional disaster assistance information, visit SBA’s website at www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Aug. 6, 2019. The deadline to apply for economic injury is March 9, 2020.