The United States Small Business Administration (SBA) is offering low-interest disaster loans to Wisconsin businesses, nonprofits, and residents affected by the severe storms in April.
Some Manitowoc County residents could be eligible for both physical damage loans of up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery, equipment, inventory, and other business assets.
Homeowners and renters are eligible for up to $100,000 in home and personal property loans for clothing, furniture, cars, and appliances. $500,000 is also available to homeowners who have damage to their estates.
The SBA says applicants could also be eligible for a loan increase of up to 20% of their physical damage for mitigation purposes.
That includes strengthening structures to withstand high-wind damage, upgrading to wind-rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
Calumet and Sheboygan County businesses and organizations are also eligible to apply for Economic Injury Disaster Loans (EIDL).
That’s for working capital needs caused by a disaster, even if the business or nonprofit didn’t suffer any physical damage.
Applications can be found online at sba.gov/disaster.
Residents could also call the Small Business Administration’s Customer Service Center at 800-659-2955.
