Madison – Dane County Executive Kathleen Falk today announced that effective January 5, 2006, the United States Small Business Administration, responding to the August 18, 2005 tornados, issued a disaster declaration for the state of Wisconsin. Dane County residents who rent or own their own home, own their own business, or own a small agricultural cooperative located in a declared disaster area, and are a victim of August 18, 2005 tornados, may be eligible for financial assistance from the U.S. Small Business Administration.
"I am pleased that the Small Business Administration has recognized the devastation this tornado has caused our community,” said Falk. “I look forward to working with SBA officials to ensure that people affected by the Stoughton area tornados get whatever much-needed financial help is available."
Disaster loans available include:
Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles.
Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Nonprofit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) – Loans for working capital to small businesses and small agricultural cooperatives to assist them through the disaster recovery period. EIDL assistance is only available to applicants and their owners who cannot provide for their own recovery from non-government sources. Farmers, ranchers, nurseries, religious and nonprofit organizations are not eligible for an EIDL.
A Disaster Outreach Center will be opened to provide assistance to affected residents. The Disaster Outreach Center will be located at:
The Stoughton Area Senior Center
248 W. Main Street
Stoughton, WI 53589
The office will open Tuesday, January 10, 2006 at 12:00 P.M. The office will be staffed by U.S. Small Business Administration representatives during the Senior Center’s normal hours of operation, 8:00 A.M. – 4:30 P.M Monday through Friday. For more information or to make an appointment, call 608 / 646-0407 after 12:00 P.M., January 10, 2006.
The deadline for physical loss loan applications is March 6, 2006. The deadline for economic injury (EIDL) loan applications is October 5, 2006.
The US SBA Disaster Loans – Fact Sheet will be posted on Dane County’s web site: http://www.co.dane.wi.us
A copy of US SBA Disaster Loans – Fact Sheet is attached.
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