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Home > BizTimes Daily > Archives > June 17, 2008
SBA loans available for flood victims
Published June 17, 2008 - BizTimes Daily
The U.S. Small Business Administration is making low-interest federal disaster loans available to homeowners, renters and businesses affected by the floods and storms in five Wisconsin counties.
The disaster declaration covers the Wisconsin counties of Columbia, Crawford, Milwaukee, Sauk and Vernon, all of which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses in the adjacent counties of Adams, Dane, Dodge, Grant, Green Lake, Iowa, Juneau, LaCrosse, Marquette, Monroe, Ozaukee, Racine, Richland, Washington and Waukesha.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
SBA acting administrator Jovita Carranza said, "We look forward to working with the people of Wisconsin to make low-interest federal disaster loans available to homeowners, renters and businesses. We will be swift in our efforts to help them rebuild their homes and businesses."
For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.
Interest rates can be as low as 2.687 percent for homeowners and renters and 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.
To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). Additional details on the location of Disaster Recovery Center(s) and the loan application process can be obtained by calling the SBA Customer Service Center at 1-800-659-2955.
The filing deadline to return applications for physical property damage is August 13, 2008. The deadline to return economic injury applications is March 13, 2009.
For more information about the SBA's Disaster Loan Programs, visit www.sba.gov.
Gov. Jim Doyle announced today that individuals in Columbia, Crawford, Racine, Richland, Milwaukee, Sauk and Vernon counties affected by the recent severe storms and floods that began on June 5 will be eligible to apply for assistance from the Federal Emergency Management Agency (FEMA), including Disaster Unemployment Assistance (DUA).
DUA benefits are not payable if an individual is eligible for regular unemployment insurance benefits. This program provides benefits for those who lost employment because of the disaster and do not qualify for regular benefits. Suffering a monetary loss due to damage to property or crops does not automatically entitle an individual to Disaster Unemployment Assistance.
Workers, including those who are self-employed in farming or other businesses, must apply for benefits by July 16. Applications can be filed by calling the Unemployment Insurance Division in Madison at (608) 232-0678, in Milwaukee at (414) 438-7700, or toll-free at 1-800-822-5246.
In Milwaukee, Mayor Tom Barrett, Commissioner of Health Bevan Baker and Homeland Security Director Dan Alexander will be at the city's Southside Health Center, 1639 S. 23rd St., today at 1 p.m. to distribute flood relief kits to residents affected by the recent storms.
The officials also will discuss how City of Milwaukee residents can apply for FEMA assistance now that the federal government has declared Milwaukee County a disaster area.
