GREEN BAY (NBC 26) — The U.S. Small Business Administration (SBA) announced Tuesday that low-interest disaster loans are available for Wisconsin businesses, private nonprofit organizations and residents affected by the July 27 storms and tornadoes.
According to the SBA, residents of Forest, Outagamie, Vilas and Winnebago counties may be eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs).
Additionally, small businesses and most private nonprofit organizations in the following counties are eligible to apply for EIDLs only: Brown, Calumet, Florence, Fond du Lac, Green Lake, Iron, Langlade, Marinette, Oconto, Oneida, Price, Shawano, Waupaca and Waushara in Wisconsin, as well as Gogebic and Iron counties in Michigan.
Businesses and nonprofits may apply for business physical disaster loans and borrow up to $2 million to repair or replace storm-damaged or destroyed real estate and business assets.
Homeowners and renters may apply for home and personal property loans and borrow up to $100,000 for personal property repairs. Homeowners can also apply for up to $500,000 to repair or replace their primary residence, according to the SBA.
The SBA said interest rates are as low as 4% for businesses, 3.625% for private nonprofits and 2.875% for homeowners and renters, with terms of up to 30 years. The agency said interest does not begin to accrue and payments are not due until 12 months after the date of the first loan disbursement.
“Through a presidential declaration, SBA provides financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery at the SBA. “We offer disaster loans to homeowners, renters, businesses and private nonprofits affected by the disaster.”
According to the SBA, the deadline to return applications for physical property damage is Dec. 7. The deadline to return economic injury applications is July 7, 2027.
Neighbors can apply online here.
Applicants may also call the SBA's National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.gov for more information. People who are deaf, hard of hearing or have a speech disability can dial 7-1-1 to access telecommunications relay services.
