Nov. 21, 2019

Businesses affected by severe storms, tornadoes and flooding Sept. 9-26 can now access resources through a recovery center that opens at 1 p.m. today.

The U.S. Small Business Administration and the South Dakota Small Business Development Center are operating the recovery center out of their offices at the Zeal Center for Entrepreneurship, 2329 N. Career Ave. Hours will be 8 a.m. to 5 p.m. weekdays.

“Due to the severe property damage and economic losses inflicted on South Dakota businesses, we want to provide every available service to help get them back on their feet,” said Tanya Garfield, director of the SBA’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, and the center has not set a closing date. All services are provided for free.

“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 South Dakota Small Business Development Center state director Mark Slade, SBDC consultants will provide 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.

Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, 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. That loan assistance is available regardless of whether the business suffered any property damage.

The deadline to apply for property damage is Jan. 17, 2020. The deadline to apply for economic injury is Aug. 18, 2020.

Business owners who are unable to visit the business recovery center can apply online using SBA’s secure website at disasterloan.sba.gov/ela.