/C O R R E C T I O N — U.S. Small Business Administration/

In the news release, SBA Stands Ready to Assist Victims of Recent Severe Storms And Flooding In Wisconsin, issued 29-Aug-2007 by U.S. Small Business Administration over PR Newswire, we are advised by the organization that the fourth paragraph, first sentence, should read “The declared counties of Crawford, La Crosse, Richland, Sauk and Vernon are eligible to apply for Physical and Economic Injury Disaster Loans (EIDLs), and the contiguous counties of Adams, Columbia, Dane, Grant, Iowa, Jackson, Juneau, Monroe and Trempealeau in the State of Wisconsin; contiguous counties of Allamakee and Clayton in the State of Iowa; and contiguous counties of Houston and Winona in the State of Minnesota are only eligible to apply for SBA Economic Injury Disaster Loans (EIDLs)” rather than “The declared counties Crawford, La Crosse, Richland, Sauk and Vernon and the contiguous counties of Adams, Columbia, Dane, Grant, Iowa, Jackson, Juneau, Monroe and Trempealeau in the State of Wisconsin; contiguous counties of Allamakee and Clayton in the State of Iowa; and contiguous counties of Houston and Winona in the State of Minnesota are only eligible to apply for SBA Economic Injury Disaster Loans (EIDLS)” as originally issued inadvertently. The complete, corrected release follows:


SBA Stands Ready to Assist Victims of Recent Severe Storms and Flooding in Wisconsin


WASHINGTON, Aug. 29 /PRNewswire-USNewswire/ — Following the announcement of the Presidential disaster declaration in Wisconsin covering several counties as a result of severe storms and flooding, Administrator Steven Preston of the U.S. Small Business Administration issued the following statement:


“We look forward to working with the State of Wisconsin to make low-interest federal disaster loans available to homeowners, renters and businesses,” said Administrator Preston. “We will be swift in our efforts, along with our partners at the Federal Emergency Management Agency, to help Wisconsin disaster victims rebuild their homes and businesses.”


Once local recovery facilities are identified in the declared counties, SBA officials will be providing one-on-one assistance to disaster loan applicants.


The declared counties Crawford, La Crosse, Richland, Sauk and Vernon are eligible to apply for Physical and Economic Injury Disaster Loans (EIDLs), and the contiguous counties of Adams, Columbia, Dane, Grant, Iowa, Jackson, Juneau, Monroe and Trempealeau in the State of Wisconsin; contiguous counties of Allamakee and Clayton in the State of Iowa; and contiguous counties of Houston and Winona in the State of Minnesota are only eligible to apply for SBA Economic Injury Disaster Loans (EIDLs).


Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.


Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.


For small businesses only, SBA offers EIDLs to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.


Interest rates can be as low as 3.125 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.


To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). Additional details on the location of Disaster Recovery Center(s) and the loan application process can be obtained by calling the SBA Customer Service Center at 1-800-659-2955.


The filing deadline to return applications for physical property damage is October 25, 2007. The deadline to return economic injury applications is May 26, 2008.


For more information about the SBA’s Disaster Loan Programs, visit our web site at http://www.sba.gov/services/disasterassistance


First Call Analyst:
FCMN Contact:


Source: U.S. Small Business Administration


CONTACT: Michael Lampton of U.S. Small Business Administration,
+1-404-347-3771


Web Site: http://www.sba.gov/