Gov. Tony Evers and U.S. Sen. Tammy Baldwin have announced the potential for Wisconsin businesses to access federal disaster loans. This initiative aims to assist businesses suffering due to an underwhelming winter season.
The specifics of these loans, including lower interest rates and extended repayment times, are yet to be set in stone. However, both Evers and Baldwin are emphasizing their importance for the local economic stability and recovery.
Business owners have registered their appreciation for this announcement. Many consider it the financial boost they need to counter the effects of a lackluster winter.
Importantly, the U.S. Small Business Administration (SBA) has accepted the premise that poor winter conditions can be classified as a disaster. Therefore, businesses affected can apply for relief assistance.
This classification helps denote the significant impact weather can have on small business success. It also provides a relief route for businesses impacted financially by poor winter conditions.
Wisconsin businesses heavily reliant on snow-related activities have been direly impacted by the lack of snowfall. There is now a community-wide call for Wisconsinites to support these establishments by using Travel Wisconsin resources.
Activities promoted through this outlet allow locals to continue supporting trades and services affected by the warmer winter. This community action is essential in maintaining Wisconsin’s snow-related economy, despite weather conditions.
Evers and Baldwin have both expressed their substantial concern for the financial distress that businesses dependent on a snowy climate are experiencing due to this year’s low snowfall levels.
Many of these businesses, in sectors like tourism and winter sports, have seen significant losses due to the warm winter. Evers and Baldwin are urging for appropriate initiatives to be taken to mitigate these financial consequences.
In addition, several areas in Wisconsin have been classified as drought disaster regions, making their businesses eligible for emergency loans. These funds will help counter their extensive drought-induced financial losses.
Eligible businesses can apply and potentially borrow up to $2 million from the U.S. SBA Economic Impact Disaster Loans (EIDL). The SBA Customer Service Center is available to provide additional information and assistance.
