Federal low-interest disaster loans to be offered after N. WI flooding
MADISON — Gov. Scott Walker announced the U.S. Small Business Administration (SBA) approved his request for federal low-interest disaster loans for individuals and businesses impacted by the flooding that occurred last month in northwestern Wisconsin.
The SBA declared Douglas County along with the contiguous counties of Bayfield, Burnett, Sawyer, and Washburn eligible for disaster assistance. In addition, Minnesota counties of Carlton, Pine, and Saint Louis were also listed.
Assistance in the form of low interest loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed homes. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property. Low-interest loans are also available to businesses, which sustained damage or economic loss from the flooding.
On June 19-20, severe storms brought 8-10 inches of rain causing flash flooding. Initial damage assessments indicated more than 25 residences and businesses sustained significant damage and uninsured losses in excess of 40%.
To help assist disaster victims, the SBA will open a Disaster Loan Outreach Center where individuals and businesses will be able to obtain information and loan applications. Information on the location and hours will be forthcoming.
The SBA has set a deadline of September 25, 2012 to apply for assistance.