(WTAQ-WLUK) — The deadline is approaching to apply for a federal disaster loan to help offset the damage caused by July 27 severe storms and tornadoes.
The U.S. Small Business Administration is reminding eligible businesses, private nonprofit organizations, homeowners, and renters in Wisconsin of the Dec. 7 deadline.
The declaration covers Wisconsin primary counties of Forest, Outagamie, Vilas, and Winnebago, which are eligible for both physical damage loans and Economic Injury Disaster Loans from SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Wisconsin counties of Brown, Calumet, Florence, Fond du Lac, Green Lake, Iron, Langlade, Marinette, Oconto, Oneida, Price, Shawano, Waupaca, and Waushara, and the Michigan counties of Gogebic, and Iron.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”
Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
Click here to apply online. Applicants may also call SBA’s National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Dec. 7. The deadline to return economic injury applications is July 7, 2027. However, after the deadline has passed, there is a 60-day grace period in which SBA will accept applications.
