WISCONSIN – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Wisconsin that federal disaster loans are available to offset economic losses caused by excessive moisture that occurred from May 1 through July 15, 2024.
A release from the SBA said the disaster declaration covers Ashland, Clark, Chippewa, Eau Claire, Iron, Jackson, Lincoln, Marathon, Oneida, Price, Rusk, Sawyer, Taylor, Vilas and Wood counties.
“Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs with financial losses directly related to this disaster,” the SBA stated. “The SBA is unable to provide disaster loans to agricultural producers, farmers or ranchers, except for aquaculture enterprises.”
The SBA said EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster, according to the SBA.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
According to the SBA, the loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.250% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
The deadline to apply for a loan is Wednesday, Dec. 10. However, after the deadline has passed, there is a 60-day grace period in which SBA will accept applications.
To learn more or to apply, visit www.sba.gov/disaster.
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