The U.S. Small Business Administration has opened recovery centers in three places across the state to help residents, business owners, and non-profits with applications for recovery loans. The center in Shiocton will be open through August 31st. PC: Fox 11 Online
SHIOCTON, WI (WTAQ-WLUK) – Financial help, in the way of low interest disaster loans, is now available for business owners and residents impacted by April’s historic flooding.
The U.S. Small Business Administration has opened a recovery center in Shiocton to advise and help people apply.
Shiocton has dried up following April’s flooding, but the aftermath and recovery continues.
“Oh gosh, the flood was something that nobody ever wants to go through. Every year, the Wolf River floods, but this year was fast and furious and something like we’ve never seen,” said Ann Shears.
She’s a Shiocton resident who not only had damage at her home, but the rental property she owns is still unlivable, even months after the water receded.
According to Shears, “I had about probably between nine and 12 inches of water in the first floor of my duplex. So I have a lot of damage there. The renter’s still not back.”
Like many other flood victims, insurance won’t cover the damage.
So, Shears was one of the first residents to visit the U-S Small Business Administration Recovery Center in Shicoton.
- Shiocton-Bovina Fire Department
- W7746 Pine St.
- Shiocton, WI 54170
- Opens at 9 a.m. Monday, July 13
- Hours: Monday – Friday, 9 a.m. – 6 p.m.
- Saturday, 10 a.m. – 2 p.m.
The center is one of three statewide the SBA that opened last week.
“We are open to the public to small businesses, homeowners, renters, nonprofits for disaster recovery loans. The Small Business Administration offers a long-term disaster recovery loan program,” said Riley Oates, public affairs specialist with the U.S. Small Business Administration’s Office of Disaster Recovery.
Customer service representatives are meeting one-on-one with residents and business owners. They’re explaining how the program works, what options are available, and they’ll even help with the loan application.
Oates said, “We offer loans up to 30 years in length with interest rates as low as 4% for small businesses. It is 2.875% for homeowners. There’s no interest for the first year. There’s no payments for the first year.”
The loans are an opportunity for people who are maybe waiting for an insurance payout. They’re an alternative for those who don’t want to deplete their savings or pay for repairs with credit cards.
The money is available to anyone who experienced damage from the flooding, not just those in the communities where the recovery centers are housed.
According to Oates, “This is homeowners, renters, anybody who had personal loss from the floods and then for small businesses and for nonprofits who maybe they had a loss of revenue during the flood. So we really just encourage them to come out, put an application in and see what might be made available for them.”
And that’s exactly what Ann Shears is planning to do. She added, “I’m gonna do some research myself, and then I’m gonna come back with any answers or questions that I have.”
The centers will be open until the August 31st, the deadline for loan applications.
SBA says depending on need it might open additional centers in other communities too.
While SBA encourages people to come into the centers for help, loan applications can be filled out online too.
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