Small Business Loans Available due to Drought


Small Business Loans Available due to Drought

Dear Friend,

The winter has been challenging for many communities, businesses and workers who rely on traditional snow activities. Our hearts go out to those impacted by Wisconsin’s unseasonable weather. I’m glad to share relief is available.  

Governor Tony Evers announced today businesses affected by the low snow may be eligible for assistance through the U.S. Small Business Administration (SBA) to cover losses. Most counties in Wisconsin are under a drought disaster designation issued by the U.S. Department of Agriculture. Governor Evers advocated the SBA, which offers Economic Injury Disaster Loans (EIDL) in drought-designated areas, extend the assistance to cover businesses impacted by the unseasonable winter weather. The SBA confirmed such businesses can apply for the emergency loans. 

The EIDL program allows businesses to borrow up to $2 million to cover actual losses. If approved, businesses pay no interest in the first year and a maximum rate of 4% for the rest of the loan period. If interested in the program, you’ll need to know when to apply by. The deadline depends on county, with the first deadline being April 8. See Governor Evers’ news release for more information on deadlines. 

Take care and happy trails,
Secretary Anne Sayers

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