MENASHA — In response to a Presidential disaster declaration issued Oct. 7, the U.S. Small Business Administration has announced the availability of low interest disaster loans for Wisconsin businesses, private nonprofit organizations and residents affected by severe storms and tornadoes occurring July 27.
Apply online at Apply online: sba.gov/disaster or:
Residents can apply in person at the Disaster Recovery Center, Winnebago County Fox Cities Campus – Engineering Building, 1655 University Dr, Menasha, WI 54952.
Hours of operation:
- Monday, Wednesday, Friday 9 a.m.-5 p.m.
- Tuesday, Thursday 11 a.m.-7 p.m.
- Saturday 9 a.m.-1 p.m.
Important points about SBA low-interest Disaster Loans:
- No application fee.
2. No obligation to accept the loan after it is approved. Applicants/Survivors have 60-days to decide to accept and can ask for more time if they need to reevaluate their recovery situation.
3. No prepayment penalty.
4. No accrued interest for first 12 months of the loan.
5. No required payments for first 12 months of the loan
The declaration covers Wisconsin primary counties of Forest, Outagamie, Vilas, and Winnebago, which are eligible for both physical damage loans and Economic Injury Disaster Loans from SBA.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Wisconsin counties of Brown, Calumet, Florence, Fond du Lac, Green Lake, Iron, Langlade, Marinette, Oconto, Oneida, Price, Shawano, Waupaca, and Waushara, and the Michigan counties of Gogebic, and Iron.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
The SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits — including faith-based organizations — impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.
Interest rates are as low as 4% for businesses, 3.625% for private nonprofits, and 2.875% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA
determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
“Through a presidential declaration, SBA provides financial assistance to help communities recover,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA.
“We offer disaster loans to homeowners, renters, businesses, and private nonprofits affected by the disaster.”
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.gov for more information on SBA
disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
he filing deadline for returning applications for physical property damage is Dec. 7. The deadline to return economic injury applications is July 7, 2027.
