Racine County residents impacted by the June 18-19 storms can apply for low interest disaster loans from the U.S. Small Business Administration (SBA). Flash flooding in Racine County resulted in several hundred homes being affected.
Although the loans come from the Small Business Administration, they are not limited to businesses; individual homeowners and renters may also apply for them. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA also provides mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
Interest rates are as low as 2.437 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The SBA opened a Disaster Loan Outreach Center today to issue loan applications, answer questions about the program, explain the application process and help individuals complete applications. The Center will be located at the Sturtevant Village Hall, 2801 89th Street, Sturtevant, Wisconsin 53177.
The Center will remain open through Friday, July 31, 2009. Hours of operation are:
Tuesday – Friday, July 21-24: 9 a.m. to 6 p.m.
Saturday, July 25: 8 a.m. to 12 noon
Sunday, July 26: Closed
Monday – Thursday, July 27-30: 9 a.m. to 6 p.m.
Friday, July 31: 9 a.m. to 4 p.m.
Individuals and businesses unable to visit this or another SBA Center in person may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 9 p.m. EDT, or by sending an email to email@example.com.
Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance. Completed applications should be returned to one of the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Victims may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is September 14, 2009. The deadline to return economic injury applications is April 15, 2010.