The Small Business Administration (SBA) has announced a federal loan program is available for businesses impacted by the lack of snow this past winter.
The Small Business Administration (SBA) has announced a federal loan program is available for businesses impacted by the lack of snow this past winter.
Wisconsin’s statewide snowfall total was up to 30 inches below normal, according to the National Weather Service, and 40-70 inches below normal across the Lake Superior snowbelt counties of Ashland, Iron and Vilas.
The SBA has determined business losses from the lack of snow are related to disaster coverage for drought conditions, therefore, are eligible for financial assistance.
Many counties were already covered by a declaration of drought disaster by the Department of Agriculture, which allowed businesses located in drought disaster counties to be eligible for emergency loans to offset losses related to the drought.
The SBA Economic Impact Disaster loans are designed to assist businesses with emergency situations that impact their economic well-being. Businesses may borrow up to $2 million to cover actual losses, pay no interest the first year, and a maximum rate of four percent for the balance of the loan period.
Application deadlines and disaster loan assistance information is available at https://lending.sba.gov, phone: 800/659-2955, or email: [email protected].
Members can also contact the NFIB Office of State Government Relations at 608/255-6083.
