ATLANTA, Oct. 26 /PRNewswire-USNewswire/ — The U.S. Small Business Administration has approved over $6 million in disaster loans to homeowners, renters and business owners in Wisconsin who were affected by the severe storms and flooding that occurred August 18 through 31, 2007.
“Currently, 234 disaster loans have been approved in the amount of $6,148,500 for victims,” said Frank Skaggs, Director of SBA Field Operations Center East. “We are pleased to get these loans approved so the residents of Wisconsin can start rebuilding and resume their normal lives. Anyone who has questions about their SBA disaster loan application should visit one of the Disaster Loan Outreach Centers immediately.”
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, equipment, inventory and other business assets.
The interest rates are as low as 3.125 percent for homeowners and renters and 4 percent for businesses. Loan terms can be up to 30 years. Actual loan amounts and terms are set by the SBA, and are based on each applicant’s financial condition.
Additionally, disaster victims with insurance should not wait for a settlement before applying to SBA. If a victim does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to the loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
Those with questions about their application but who are unable to visit one of the Centers may call the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 9 p.m. EDT. Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.
The deadline to return applications for physical damage expired 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 website at www.sba.gov/services/disasterassistance.