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SBA Offering Disaster Assistance

 

November 1, 2018



The U.S. Small Business Administration announced that disaster loans are now available for homeowners, small business and non-profits to recover from the storms and flooding from August 17 through September 14, 2018.

SBA loans for both physical and economic injury disaster loans are available in the counties that received the Presidential Disaster Declaration, which are: Crawford, Dane, Juneau, La Crosse, Monroe, Richland, Sauk and Vernon Counties. Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

In Green County and the counties of Adams, Columbia, Dodge, Grant, Iowa, Jackson, Jefferson, Rock, Trempealeau and Wood, small businesses and most private non-profits are eligible to apply only for SBA Economic Injury Disaster Loans.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the 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 physical property damage.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations and 2 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The filing deadline to return applications for physical property damage is December 17, 2018. The deadline to return economic injury applications is July 18, 2019.

The SBA has opened Business Recovery Center in Madison, Wisconsin, to assist businesses affected by severe storms, tornadoes, straight-line winds, flooding and landslides from August 17 through September 14, 2018. SBA representatives at the Center can provide information about disaster loans, answer questions and assist businesses in completing the SBA application. The Center is located at 740 Regent Street, Suite 100. The hours are weekdays, 8:00 a.m.–5:00 p.m., and will operate until further notice. The center is closed Saturdays and Sundays.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov.

 
 

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