PC: Fox 11 Online
(WTAQ-WLUK) — Small business and nonprofit organizations that suffered economic losses as a result of this summer’s drought can apply for low-interest loans from the federal government.
The U.S. Small Business Administration announced the availability of Economic Injury Disaster Loans on Monday. They are available in the counties where the U.S. Department of Agriculture issued a disaster declaration as of Aug. 8. The primary counties are Fond du Lac, Green Lake, Portage, Waupaca, Waushara and Winnebago, and the contiguous counties are Adams, Calumet, Columbia, Dodge, Marathon, Marquette, Outagamie, Shawano, Sheboygan, Washington and Wood.
According to the U.S. Drought Monitor updated Aug. 15, nearly 97% of Wisconsin was in some degree of drought condition.
Each loan amount can be up to $2 million, with interest rates of 4% for small business and 2.375% for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement.
Applicants can apply on the SBA’s website and should apply under SBA declaration # 18085.
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