The United States Small Business Administration has opened (Nov. 12, 2024) a virtual Business Recovery Center to meet the needs of Cheyenne River Sioux Tribe Businesses and Residents who were affected by severe storm, straight-line winds and flooding that occurred July 13-14, 2024.
The virtual Business Recovery Center is staffed by folks who are able to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application. The Center’s hours are:
Mondays – Fridays
8:00 a.m. – 4:30 p.m. Pacific Time
(916) 735-1504
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
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 assistance is available regardless of whether the business suffered any property damage.
Businesses of all sizes 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.
SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, SBA remains committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage is Dec. 31, 2024. The deadline to apply for economic injury is Aug. 1, 2025.
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