Help for Wisconsin Businesses and Homeowners Hit by Flooding

As northwestern Wisconsin waits to hear about a federal flood disaster designation, there is federal help for homeowners and businesses in five Wisconsin counties and three northeastern Minnesota counties.

Starting Tuesday, an office in the Superior Business Center will be open 8:00a.m.-4:30 p.m. until August 9. They will also be open this Saturday from 10 a.m.- 2 p.m. The office in the Superior Business Center is the only place that will take applications in the region.

The Small Business Administration is offer loan applications to homeowners and businesses in Wisconsin’s Douglas, Bayfield, Burnett, Sawyer and Washburn counties and Pine, Carlton and St. Louis counties in Minnesota.

These loans can offer up to $200,000 for real estate damaged and up to $40,000 for damages to homeowner and renter’s uninsured personal property. These loans also offer up to $2 million dollar loans for businesses.

Douglas County Emergency Management Director Keith Kesler says nearly 700 homes and about 30 businesses in Douglas County were flooded in some way last month, “What we had to do to be able to be eligible for SBA, I believe it was 25 or 29 businesses combine that had to experience major damage before the SBA came in, and we reached that total.”

Kesler says although Superior banks have been offering low interest loans too, people need to be choosing what is best for them.

SBA Public Affairs Specialist Jay MacKenna says the SBA encourages anyone whose property was hurt by the flood to apply, “We would like to help as many people as we possibly can with our low interest rate which is as low as 1.938 percent for homeowners and renters and 4 percent for businesses.”

MacKenna says the SBA is able to stretch some loan payment plans up to 30 years to make payments more affordable as well as a low interest loan for homeowners, renters and businesses.