The U. S. Small Business Administration (SBA) announced that a Business Recovery Center has been established to help businesses impacted by the severe storms, tornadoes and flooding this summer.
The center is located at 10310 W. Watertown Plank Road, Wauwatosa.. It is open from 8 a.m. to 5 p.m., Monday through Friday.
"Due to the amount of physical and economic losses caused by the flooding in Wisconsin, we want affected businesses to have a resource where they can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover," said Frank Skaggs, director of SBA Field Operations Center East.
Businesses of any size and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
The SBA also offers mitigation loans to disaster victims based on 20 percent of the verified physical loss. These funds are designed to help borrowers pay for protective measures to protect or minimize damages of the same kind in the future.
For small businesses, and private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. Interest rates can be as low as 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
SBA opens disaster center for Wisconsin business owners
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