Wisconsin Ag Connection - No-Interest Loans Offered to Businesses Affected by Flooding

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No-Interest Loans Offered to Businesses Affected by Flooding
Wisconsin Ag Connection - 11/12/2018

The Wisconsin Economic Development Corporation has awarded a $155,000 grant to the Southwestern Wisconsin Regional Planning Commission to provide no-interest loans to businesses in the region that were impacted by the severe weather and flooding in September. Businesses in five counties will be eligible for microloans of up to $15,000, which will provide them with a short-term source of funds for repair work and operating expenses until more long-term recovery funding can be secured. The loans have a two-year repayment period, with payments deferred for at least six months.

"Our small communities need these family businesses to thrive, and recovery and resiliency are key to that success," said SWWRPC Director Troy Maggied. "With the funds available through WEDC, we hope to contribute to the recovery of our small businesses, and in turn, the communities that rely so heavily on them."

Under the Disaster Recovery Microloan Program, WEDC awards grants to its regional partners, which in turn issue loans to local businesses. WEDC has already awarded a $755,000 grant to the Madison Region Economic Partnership to assist businesses in south-central Wisconsin and a $605,000 grant to the Mississippi River Regional Planning Commission. The three regional organizations represent the areas of the state that were hit hardest by the flooding and severe weather in late August and early September.

SWWRPC is now accepting loan applications from businesses impacted by the severe weather. To be eligible for a loan, a business must be located in Grant, Green, Iowa, Lafayette and Richland counties. Businesses also must have suffered measurable physical damage because of the disaster and must intend to resume business operations in the community as quickly as possible.

The loans can be used for procurement of cleanup and restoration services, operating expenses, temporary space, and repair and reconstruction work.

Businesses interested in applying should call 608-342-1636 for more information.

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