ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations under the drought declarations (#18014, #18019, #18037, #18058, #18085, #18135, #18166, #18168 and #18231)in Wisconsin that July 31 is the filing deadline for federal working capital loans for losses due to drought that began on July 4, 2023 through July 31, 2024.
These loans are available in Adams, Ashland, Barron, Bayfield, Brown, Burnett, Calumet, Chippewa, Clark, Columbia, Crawford, Dane, Dodge, Douglas, Dunn, Eau Claire, Fond Du Lac, Forest, Grant, Green, Green Lake, Iowa, Iron, Jackso n, Jefferson, Juneau, Kenosha, La Crosse, Lafayette, Langlade, Lincoln, Marathon, Marquette, Menominee, Monroe, Oconto, Oneida, Outagamie, Pepin, Pierce, Polk, Portage, Price, Racine, Richland, Rock, Rusk, Saint Croix, Sauk, Sawyer, Shawano, Sheboygan, Taylor, Trempealeau, Vernon, Vilas, Walworth, Washburn, Washington, Waukesha, Waupaca, Waushara, Winnebago and Wood counties in Wisconsin; and the contiguous counties of Boone, Jo Daviess, McHenry, Stephenson and Winnebago in Illinois; Allamakee, Clayton and Dubuque in Iowa; Gogebic and Iron in Michigan; and Carlton, Chisago, Houston, Pine, Saint Louis, Washington and Winona in Minnesota.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. Minnesota businesses engaged in hospitality, winter tourism, their suppliers, and those that provide support services to the hospitality and tourism industry may consider the impact of lack of snow, low snow or low precipitation on their revenues and operations this past winter when applying for EIDLs for drought.
Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, account payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to SBA no later than July 31, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.