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Tuesday, 22 August 2017 13:42

Residents affected by floods can now apply for SBA loans

Written by  CSI Media Staff

Wisconsin residents—including those in Walworth County—who were affected by flash floods and flooding during heavy storms on July 11 will be able to apply for low-interest disaster loans from the U.S. Small Business Administration, according to a release from the SBA.

Gov. Scott Walker applied for SBA assistance after his request for a federal disaster declaration had been turned down by FEMA.

The declaration covers Kenosha, Racine and Walworth counties and the adjacent counties of Jefferson, Milwaukee, Rock and Waukesha in Wisconsin; and Boone, Lake and McHenry in Illinois.

Outreach centers, staffed by SBA customer service representatives, will be located in affected counties to assist residents with loan applications and answer questions.

The outreach center in Walworth County will be located in the sheriff’s meeting room of the Walworth County Sheriff’s Office, 1770 County Highway NN, Elkhorn.

That center opens Tuesday, Aug. 22, at 10 a.m., with weekday hours from 8 a.m. to 5 p.m., through Thursday, Aug. 31, when the center closes at 3 p.m. It will be open Saturday, Aug. 26, from 10 a.m. to 2 p.m. It will be closed Sunday, Aug. 27.

 “Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said  SBA Wisconsin District Director Eric Ness.

“Loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Disaster Field Operations Center East in Atlanta. 

For small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any physical property damage. 

Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant’s financial condition. 

Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and 
hard-of-hearing), or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 
14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is Oct. 17, 2017.  The deadline for economic injury applications is May 16, 2018.

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