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The U.S. Small Business Administration announced that they will offer
disaster assistance to Wisconsin businesses and residents affected by
flash floods and flooding. Wisconsin businesses and residents affected
by flash floods and flooding on July 11 can apply for low-interest
disaster loans from the U.S. Small Business Administration,
Administrator Linda McMahon announced today.
Administrator
McMahon made the loans available in response to a letter from Governor
Scott Walker on Aug. 15, requesting a disaster declaration by the SBA.
The declaration covers Kenosha, Racine and Walworth counties and the
adjacent counties of Jefferson, Milwaukee, Rock and Waukesha in
Wisconsin; and Boone, Lake and McHenry in Illinois.
“The SBA is
strongly committed to providing the people of Wisconsin with the most
effective and customer-focused response possible to assist businesses of
all sizes, homeowners and renters with federal disaster loans,” said
Administrator McMahon. “Getting our businesses and communities up and
running after a disaster is our highest priority at SBA.”
SBA
Customer Service Representatives will be at the Disaster Loan Outreach
Centers to issue loan applications, answer questions and help
individuals complete their applications.
The centers are located
in Kenosha, Racine, and Walworth Counties and include the Kenosha
County Center which is open as indicated:
Kenosha County Center
19600 75th St.
Bristol, WI 53104
Opening: Tuesday, Aug. 22 at 10 a.m.
Hours: Weekdays from 8 a.m. to 5 p.m.; Saturday, Aug. 26 from 10 a.m. to 2 p.m.; Closed Sunday, Aug. 27
Closing: Thursday, Aug. 31 at 3 p.m.
“Businesses
and 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,” said SBA Wisconsin District
Director Eric Ness.
For small businesses, small agricultural
cooperatives, small aquaculture businesses and private nonprofit
organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to
help meet working capital needs caused by the disaster. EIDL assistance
is available regardless of whether the business suffered any physical
property damage.
“Loans up to $200,000 are available to
homeowners to repair or replace disaster damaged or destroyed real
estate. Homeowners and renters are eligible for loans up to $40,000 to
repair or replace damaged or destroyed personal property,” said Frank
Skaggs, director of SBA’s Disaster Field Operations Center East in
Atlanta.
Applicants may be eligible for a loan amount increase
up to 20 percent of their physical damages, as verified by the SBA for
mitigation purposes. Eligible mitigation improvements may now include a
safe room or storm shelter to help protect property and occupants from
future damage caused by a similar disaster.
Interest rates are as
low as 3.215 percent for businesses, 2.5 percent for nonprofit
organizations, and 1.938 percent for homeowners and renters with terms
up to 30 years. Loan amount and terms are set by the SBA and are based
on each applicant’s financial condition.
Survivors may apply
online using the Electronic Loan Application (ELA) via SBA’s secure
website at https://disasterloan.sba.gov/ela.
Businesses and
individuals may also obtain information and loan applications by calling
the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for
the deaf and hard-of-hearing), or by emailing
[email protected].
Loan applications can also be
downloaded at www.sba.gov/disaster. Completed applications should be
returned to the centers or mailed to: U.S. Small Business
Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
The filing deadline to submit
applications for physical property damage is Oct. 17, 2017. The deadline
for economic injury applications is May 16, 2018.
Please "View PDF" to read the U. S. SMALL BUSINESS ADMINISTRATION FACT SHEET - DISASTER LOANS document.
View PDF