`0 DISASTER NEWS
Loans for Businesses of all Sizes, Homeowners and Renters
SBA Disaster Assistance – Field Operations Center- East – 101 Marietta Street, NW, Suite 700, Atlanta, GA 30303
Release Date: Sept. 23, 2016 Contact: Michael Lampton
Release Number:16-578 WI 14869/14870 Email: Michael.Lampton@sba.gov
Phone: (404) 331-0333
SBA Offers Disaster Assistance to Residents of Wisconsin
Affected by Severe Storms and Flash Flooding
WASHINGTON – Wisconsin businesses and residents affected by the severe storms and flash flooding on Aug. 11, 2016, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Contreras-Sweet made the loans available in response to a letter from Gov. Scott Walker on
Sept. 19, requesting a disaster declaration by the SBA. The declaration covers Buffalo County and the adjacent counties of Eau Claire, Pepin, and Trempealeau in Wisconsin; and Wabasha and Winona in Minnesota.
“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 Contreras-Sweet. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA’s customer service representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.
The Center is located in the following community and is open as indicated:
Buffalo County Courthouse
Alma, WI 54610
Opens: Tuesday, Sept. 27 at 10 a.m.
Hours: Weekdays from 8:30 a.m. to 4:30 p.m.
Saturday, Oct. 1 from 10 a.m. to 2 p.m.
Closed Sunday, Oct. 2
Closes: Thursday, Oct. 6 at 3 p.m.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Wisconsin District Director Eric Ness.
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.
“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,” said Frank Skaggs, director of SBA’s 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 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.563 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 individualss 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@example.com. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center 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 Nov. 21, 2016. The deadline for economic injury applications is June 21, 2017
For more information about the SBA’s Disaster Loan Program, visit our website atwww.sba.gov/disaster.