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WEDC offers loans for flooded businesses

 

September 27, 2018



The Wisconsin Economic Development Corporation (WEDC), in conjunction with its regional partners, has launched a $2 million Disaster Recovery Microloan Program aimed at small businesses that will provide an immediate source of funds for necessary restoration work and related expenses.

Under the program, WEDC will award grants to regional entities that will provide the microloans of up to $15,000 to assist businesses with a short-term source of funds for repair work and operating expenses until more long-term recovery funding can be secured. The no-interest loans have a two-year repayment period, with payments deferred for at least six months.

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

To be eligible for a loan, a business must be located in or directly adjacent to a region where the authorized regional entity has received an allocation; must have suffered measurable physical damage because of the disaster; and must intend to resume business operations in the community as quickly as possible.

While the loan program will be available to businesses in all 72 counties, WEDC is initially working with regional entities in the areas of the state that were hit hardest by the flooding: The Mississippi River Regional Planning Commission, the Southwestern Wisconsin Regional Planning Commission; and the Madison Region Economic Partnership (MadREP).

For more information about the microloan program, visit wedc.org/disasterrecovery.

 
 

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