October 20, 2014

SBA approves loans for storm damage

People with damage from tornadoes that hit the Fox Valley on August 7th storm will be able to apply for some help from the federal government. The Small Business Administration approved Governor Walker’s request Wednesday to declare Outagamie County a disaster area. That means homeowners and businesses with storm damage can apply for low-interest loans.

Walker looked to the SBA after the Federal Emergency Management Agency (FEMA) determined there was not enough damage to qualify for its disaster grants. Outagamie County sustained $31 million in damage from the August 7th severe weather. Outagamie County Executive Tom Nelson said the SBA loans are just one of several forms of aid the county is trying to secure. Residents and business owners in Brown, Calumet, Shawano, Waupaca, and Winnebago counties may also apply for the loans.

The governor’s office said loans up to $200,000 will be 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.

SBA and local officials will be establishing a Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.