WISCONSIN (NBC 26) — The U.S. Small Business Administration is offering low-interest disaster loans to Wisconsin residents, businesses, and private nonprofits affected by severe storms, tornadoes, and flooding that occurred April 13–23, following a Presidential disaster declaration issued June 30.
The declaration covers 19 Wisconsin primary counties — Bayfield, Brown, Buffalo, Jackson, Jefferson, Juneau, Kenosha, Manitowoc, Marathon, Milwaukee, Outagamie, Racine, Rock, Sauk, Vernon, Washington, Waukesha, Waupaca, and Winnebago — as well as the Oneida Nation. Residents and businesses in those areas are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
Small businesses and most private nonprofit organizations in the following adjacent Wisconsin counties are eligible to apply only for EIDLs: Adams, Ashland, Calumet, Clark, Columbia, Crawford, Dane, Dodge, Douglas, Eau Claire, Fond du Lac, Green, Green Lake, Iowa, Kewaunee, La Crosse, Langlade, Lincoln, Monroe, Oconto, Ozaukee, Pepin, Portage, Richland, Sawyer, Shawano, Sheboygan, Taylor, Trempealeau, Walworth, Washburn, Waushara, and Wood. EIDL eligibility also extends to Allamakee County in Iowa; Boone, Lake, McHenry, and Winnebago counties in Illinois; and Houston, Wabasha, and Winona counties in Minnesota.
What loans are available
Businesses and nonprofits 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 may apply for up to $500,000 to replace or repair their primary residence. Homeowners and renters may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances.
Applicants may also be eligible for a loan increase of up to 20% of their verified physical damage 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.
Economic Injury Disaster Loans
The SBA's EIDL program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits — including faith-based organizations — impacted by financial losses directly related to the disaster. EIDLs are for working capital needs and are available even if the business or nonprofit did not suffer physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills that could not be paid due to the disaster.
The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
Interest rates and terms
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.
"Through a presidential declaration, SBA provides financial assistance to help communities recover," Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at SBA, said. "We offer disaster loans to homeowners, renters, businesses, and private nonprofits affected by the disaster."
How to apply
As soon as Federal-State Disaster Recovery Centers open throughout the affected area, the SBA will provide one-on-one assistance to disaster loan applicants. Information on recovery center locations is available by calling the SBA Customer Service Center at (800) 659-2955.
To apply online, visit sba.gov/funding-programs/disaster-assistance. Applicants may also call (800) 659-2955 or email disastercustomerservice@sba.gov. People who are deaf, hard of hearing, or have a speech disability may dial 7-1-1 to access telecommunications relay services.
The deadline to apply for physical property damage loans is Aug. 31. The deadline to apply for economic injury loans is March 30, 2027.
