In the wake of devastating floods, low-interest disaster loans offered to victims
MADISON — Gov. Scott Walker announced on Tuesday, November 1st that the U.S. Small Business Administration (SBA) approved his request for federal low-interest disaster loans for individuals and businesses affected by flash flooding in September.
Heavy rains caused widespread flooding and mudslides in western Wisconsin on September 21st and September 22nd. Last week, the SBA completed initial damage assessments and reported more than 30 homes and businesses sustained significant damage and uninsured losses of over $3 million.
The SBA declared Vernon County, along with the contiguous counties of Crawford, Juneau, La Crosse, Monroe, Richland and Sauk counties. In addition, Allamakee County in Iowa and Houston County in Minnesota were also listed.
Gov Walker issued the following statement in a news release:
“We’re pleased the U.S. Small Business Administration will be able to assist homeowners and businesses that incurred damage from floods in September. The low-interest loans will help them get back on their feet as they continue to recover from this natural disaster.”
Assistance in the form of low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed homes. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Low-interest loans of up to $2 million are available to businesses for physical damage and economic loss from the flooding.
To help assist disaster victims, the SBA will open a Disaster Loan Outreach Center in Viroqua, where individuals and businesses will be able to obtain information and loan applications. The center will open Friday, November 4, 2016 at the Banta Building, 402 Courthouse Square in Viroqua beginning at 10:30 a.m.