Midwest Opens Applications for SBA Disaster Loans
In light of the recent drought affecting several counties in Wisconsin and surrounding areas, the U.S. Small Business Administration (SBA) has announced a significant economic relief opportunity for small businesses, agricultural cooperatives, and non-profit organizations. This declaration, numbered 18019, provides access to Economic Injury Disaster Loans (EIDLs) aimed at assisting those impacted by the ongoing drought from July 11, 2023, through July 31, 2024.
Who Should Apply and Why
The SBA’s Economic Injury Disaster Loans are available to the following entities in Wisconsin and contiguous counties in Illinois, Iowa, and Minnesota:
- Small businesses
- Small agricultural cooperatives
- Non-profit organizations of all sizes
EIDLs are designed to provide working capital loans that help businesses and organizations meet their financial obligations during this challenging period. Whether your business needs assistance covering operating expenses, payroll, or other necessary costs, these loans aim to support you throughout the recovery phase.
Key Details
To ensure you understand the scope of the program, here are some essential details regarding the SBA Disaster Loans:
- Loan Amount Limit: Up to $2M
- Interest Rate: Maximum of 4%
- Loan Terms: Up to 30 years
- Application Deadline: July 31, 2024
Eligibility Criteria
To be eligible for the SBA Disaster Loans, the following criteria must be met:
- Businesses and organizations must be located in the declared disaster area.
- Uninsured or uncompensated disaster losses are eligible for consideration.
- The economic injury must be a direct result of the declared disaster.
- Additional eligibility requirements may apply.
How to Apply
There are two primary methods for submitting applications:
- Online: Applications can be conveniently submitted via the MySBA Loan Portal. Visit the SBA website and follow the instructions provided to complete your application.
- Locally Announced Locations: Alternate application submission locations may be offered and should be verified through local announcements.
For further assistance and guidance, reach out to the SBA’s Customer Service Center at disastercustomerservice@sba.gov or call 1-800-659-2955.
Important Consideration
Before applying for an SBA Disaster Loan, it is important to check with agencies administering any grant or assistance programs under the current declaration. Understanding how an approved SBA loan might impact your eligibility for other programs can help you make informed decisions regarding your financial needs.
Key Takeaway
In times of adversity, opportunities for growth emerge. If your small business, agricultural cooperative, or non-profit organization has been affected by the recent drought, don’t miss out on the opportunity for economic relief through the SBA Disaster Loans. Act now and apply before July 31, 2024, to access the support you need to recover and navigate these challenging times. We’re here to help guide you through the process and provide the community support you deserve. Let’s emerge stronger, hand in hand.