SBA’s flood assistance for Wisconsin tops $20 million
More than $20 million in U. S. Small Business Administration Disaster Assistance Loans have been approved for residents and business owners in Wisconsin who were affected by the severe storms, tornadoes and flooding earlier this summer.
"Currently, 906 home and business disaster loans have been approved in the amount of $20,980,000 for affected victims," said Frank Skaggs, director of SBA Field Operations Center East. "We are pleased to be able to get these loans approved so the residents and businesses of Wisconsin can start rebuilding and begin resuming their normal lives."
Flood victims are urged to register with the Federal Emergency Management Agency (FEMA) by calling 1-800-621-3362 (FEMA). "If you were issued an SBA loan application, complete and return the application to the SBA, even if you don’t want a loan. If SBA is not able to approve a home loan, you will be referred to FEMA for possible grant assistance. I encourage anyone who has not completed their disaster loan application to meet with one of the customer service representatives at one of the Centers located throughout the disaster area for one-on-one assistance," Skaggs said.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.
For small businesses, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.687 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years.
For additional information about SBA Disaster Loan applications, call the SBA Customer Service Center at 1-800-659-2955. Victims also may apply for disaster loans through SBA’s secure web site at https://disasterloan.sba.gov/ela/.