WASHINGTON – The U.S. Small Business Administration is offering low-interest disaster loans to Wisconsin businesses, nonprofits, and residents affected by severe storms, tornadoes, and flooding that occurred from April 13 through April 23.
The assistance follows a presidential disaster declaration issued June 30.
The SBA says Jefferson and Washington counties are among the primary Wisconsin counties covered by the declaration. In those counties, affected businesses, private nonprofits, homeowners, renters, and residents may be eligible for physical damage loans and Economic Injury Disaster Loans.
Several nearby counties are listed as adjacent counties. Small businesses and most private nonprofit organizations in Dodge, Columbia, Fond du Lac, and Green Lake counties are eligible to apply only for SBA Economic Injury Disaster Loans.
The SBA says Economic Injury Disaster Loans can help eligible small businesses, small agricultural cooperatives, and private nonprofits, including faith-based organizations, cover working capital needs caused by the disaster. The loans may be used for fixed debts, payroll, accounts payable, and other bills that could not be paid because of the disaster.
The SBA says it cannot provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
Businesses and nonprofits eligible for physical disaster loans may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Homeowners may apply for up to $500,000 to repair or replace a primary residence, while homeowners and renters may apply for up to $100,000 to repair or replace personal property.
Interest rates are as low as 4 percent for businesses, 3.625 percent for private nonprofits, and 2.875 percent for homeowners and renters, with terms up to 30 years.
The deadline to apply for physical property damage loans is Aug. 31. The deadline to apply for economic injury loans is March 30, 2027.
More information is available by calling the SBA Customer Service Center at 800-659-2955 or visiting sba.gov/disaster.
