Wisconsin Disaster Victims Urged to Contact SBA
In Augest of this year, Wisconsin was bombarded with heavy rains and flooding. The United States Small Business Administration has recently approved $6 million dollars in disaster loans for those homeowners, business owners, and renters who were affected by the disaster.
According to Frank Skaggs, the director of SBA Field Operations Center East, over 230 disaster loans have already been approved. He states: “We are pleased to get these loans approved so the residents of Wisconsin can start rebuilding and resume their normal lives. Anyone who has questions about their SBA disaster loan application should visit one of the Disaster Loan Outreach Centers immediately.”
Some of the more interesting and useful facts concerning these loans include: Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Up to $40,000 is available to homeowners and renters to repair or replace destroyed or damaged personal property. Businesses of any size and private non-profit organizations may apply for loans up to $1.5 million in order to repair or replace damaged or destroyed real estate, inventory, machinery, other types of equipment, and various other business assets.
An important note to those who may qualify for this assistance is that the SBA recommends disaster victims with home or business insurance not wait for a settlement before applying to SBA. In the event that a victim does not know how much of their loss will be covered by their own insurance, the SBA will still consider making a loan for the total loss up to the loan limits, as long as the borrower agrees to reduce or pay back the SBA loan once the insurance funds come in.
Residents of Wisconsin who would like more information on the various programs that are offered may contact the SBA at 1-800-659-2955, Monday through Friday, from 8 a.m. to 9 p.m. EDT.