SBA Opens Recovery Center For Those Impacted By Floods, Tornadoes

(Madison) The U.S. Small Business Administration has opened a recovery center in Madison to help area businesses affected by summer storms. Representatives will be on hand to provide information about disaster loans, answer questions and assist businesses in completing the SBA application. Small businesses and most private nonprofits are eligible to apply in the counties of Adams, Columbia, Dodge, Grant, Green, Iowa, Jackson, Jefferson, Rock, Trempealeau and Wood in Wisconsin; Allamakee and Clayton in Iowa; Houston and Winona in Minnesota.    Organizations of any size may borrow up to $2-million dollars to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory or other business assets. Homeowners can borrow up to $200-thousand dollars. The Director of SBA’s Field Operations Center East in Atlanta Kem Fleming says her department is committed to facilitating economic recovery from this disaster. She added that area businesses need a resource where they can meet individually with SBA representatives. Interest rates are available for 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. To be considered for all forms of disaster assistance, applicants should register online at The SBA office in Dane County is located at 740 Regent Street, Suite 100. They are open weekdays from 8am to 5pm.