Businesses affected by lack of snow eligible for funding

Many Wisconsin businesses may be eligible for a federal disaster loan program, if they have suffered losses from this year’s unusually mild winter, which lacked Wisconsin’s typical snowfall, in many areas of the state.

The U.S. Small Business Administration (SBA) has confirmed this disaster coverage extends to businesses impacted by Wisconsin’s extraordinary winter conditions. With a lack of snow, that has impacted travel and recreation businesses that depend on it for activities, such as downhill and cross-country skiing, snowshoeing and snowmobiling.

Many counties in the state, are already covered by a preexisting disaster designation for drought from the U.S. Department of Agriculture. This designation allows businesses in counties identified as drought disaster areas, to be eligible for emergency loans to offset their business losses in those counties, if their business loss is related to the drought.

The National Weather Service reports that snowfall statewide has been 20 to 30 inches below normal this winter.

“The lack of snow we’ve experienced so far this winter has had serious economic impacts on folks and businesses, especially in our Northern counties, who rely on snow and winter weather, to attract customers and be successful,” said Gov. Tony Evers.

Impacted businesses in counties with a drought declaration, can apply for the U.S. SBA Economic Impact Disaster Loans (EIDL). The loans are designed to help businesses get through emergency situations that have impacted their economic well-being. Under the EIDL program, businesses can borrow up to $2 million, to cover their actual losses.

Businesses pay no interest on the loan for the first year, and a maximum rate of four percent for the rest of the loan period. In order to take advantage of the program, businesses must apply by the application deadline for their county.

Applicants can call the SBA’s customer service center, at 800-659-2955, or email disastercustomerservice@sba. gov, for more information on SBA disaster assistance. Businesses can submit applications and find additional disaster assistance information, at lending.sba.gov.

“I encourage all eligible businesses to apply for these loans as soon as possible,” said Evers, “and in the meantime, I encourage Wisconsinites to plan a trip, visit local businesses and find other exciting ways to enjoy winter in Wisconsin, in our beautiful northern and central communities.”