"Critical assistance to some homeowners and businesses:" SBA Disaster Assistance for storm victims

MADISON (WITI) -- Governor Scott Walker has announced the U.S. Small Business Administration (SBA) approved his request for federal low-interest disaster loans for individuals and businesses impacted by tornadoes and storms which hit Grant County and the surrounding area last month.

“Cleanup continues from the devastating June storms and tornadoes that hit Grant County and other areas in southwest Wisconsin,” Governor Walker said.  “Low-interest loans from the SBA will provide critical assistance to some homeowners and businesses trying to recover from the damage."

The SBA named Grant County along with the contiguous counties of Crawford, Iowa, Lafayette, and Richland in the declaration.  Officials with the SBA conducted damage assessments earlier this month in Grant and Dane counties.  Grant County met the required threshold of 25 homes and businesses with significant damage and underinsured losses in excess of 40 percent.

Under the SBA declaration, loans up to $200,000 will be available to homeowners to repair or replace 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.  Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

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

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from www.sba.gov/disaster.

Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

SBA will be establishing a Disaster Loan Outreach Center later this week to answer questions about the disaster loan program and help individuals complete their applications.