Over $1.5 Million in SBA Disaster Loans Approved; Deadline to Apply for Physical Loans in Wisconsin is September 25

Release Date: Thursday, August 23, 2012
Release Number: 12-798
Related State:
Wisconsin
Minnesota
Field Operations Center: East
Contact: Michael Lampton
ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Wisconsin that the deadline to submit disaster loan applications for damages caused by severe storms and flooding which occurred on June 19 - 20 is only weeks away.  The disaster declaration covers Douglas County and the adjacent counties of Bayfield, Burnett, Sawyer and Washburn in Wisconsin; and Carlton, Pine and Saint Louis counties in Minnesota.  The deadline to file an SBA disaster loan application for physical damage is Sept. 25, 2012.
 
“Currently, 38 disaster loans have been approved in the amount of $1,587,800 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives. I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible.”
 
Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Skaggs.  
 
Loans up to $200,000 are available to homeowners to repair or replace 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. 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.
 
For small businesses, small agricultural cooperatives, small businesses engaged in aquacultural, and most private non-profit organizations of all sizes, 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.
 
Interest rates are as low as 1.938 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial condition.
 
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
 
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from www.sba.gov.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
 
The filing deadline to return applications for physical property damage is September 25, 2012.  The deadline to return economic injury applications is April 29, 2013.
 
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