Wisconsin Ag Connection - Deadline Set for Wisconsin SBA Working Capital Disaster Loans

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Deadline Set for Wisconsin SBA Working Capital Disaster Loans
Wisconsin Ag Connection - 09/18/2014

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that September 23 is the filing deadline for federal economic injury disaster loans available in Iron and Vilas counties in Wisconsin as a result of excessive rain and cooler than normal temperatures beginning April 1, 2013.

"These counties are eligible because they are contiguous to one or more primary counties in Michigan. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 percent for non-profit organizations, and terms up to 30 years.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955.

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