WI 15756 - Deadline Alert for Wisconsin Residents to Apply for SBA Disaster Loans

ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a disaster loan before the Dec. 17 deadline.  Anyone in the declared counties in Wisconsin with damages caused by the severe storms, tornadoes, straight-line winds, flooding and landslides from Aug. 17 through Sept. 14, 2018 should apply for the disaster recovery loan program.
 
Dane County
SBA Wisconsin District Office - Madison
740 Regent St., Suite 100
Madison, WI 53715
Hours:  Weekdays, 8 a.m. – 5 p.m.
Closed:  Saturdays and Sundays
 
Juneau County
Juneau County Economic Development Corporation
122 Main St.
Camp Douglas, WI 54618
Hours: Weekdays, 8 a.m. – 5 p.m.
Closed: Saturdays and Sundays
 
Sauk County
Reedsburg City Hall
134 S. Locust St.
Reedsburg, WI  53959
Hours:  Weekdays, 8 a.m. – 4:30 p.m.
Closed:  Saturdays and Sundays
 
Vernon County
Vernon County – Basement Conference Room
318 Fairlane Dr.
Viroqua, WI 54665
Hours:  Weekdays, 8 a.m. – 5 p.m.
Closed:  Saturdays and Sundays
 
The disaster declaration covers Crawford, Dane, Juneau, La Crosse, Marquette, Monroe, Richland, Sauk and Vernon counties in Wisconsin which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Adams, Columbia, Dodge, Grant, Green, Green Lake, Iowa, Jackson, Jefferson, Rock, Trempealeau, Waushara and Wood in Wisconsin; Allamakee and Clayton in Iowa; Houston and Winona in Minnesota
 
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.
 
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.
 
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.
 
SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster.  Interest rates are as low as 3.675 percent for businesses, 2.5 percent for private nonprofit organizations, and 2.0 percent for homeowners and renters.  Loan terms can be up to 30 years.
 
Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations.  These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
 
To be considered for all forms of disaster assistance, applicants should register online at DisasterLoan.sba.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.
 
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov.
 
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 email to disastercustomerservice@sba.gov. Completed applications should be returned to a center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.  For more information about SBA recovery assistance, visit www.sba.gov.
 
The filing deadline to return applications for physical property damage is Dec. 17, 2018.  The deadline to return economic injury applications is July 18, 2019.
 
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Release Number: 
19-178
Release Date: 
Wednesday, December 5, 2018 - 12:00am
Contact: 
Michael Lampton
Related State: 
Wisconsin
Field Operations Center: 
East