Tornado recovery continues in Platteville as home and business owners apply for low-interest loans
PLATTEVILLE (WKOW)-- More than a month has passed since a handful of tornadoes swept through Southeast Wisconsin. In the small college community of Platteville the recovery continues. Several homes are still unlivable at this time. A handful of businesses are still closed after the storm.
That's where the U.S. Small Business Administration comes in. After a declaration from Governor Scott Walker, the SBA set up a loan office in downtown Platteville on July 15th. Workers are helping home and business owners apply for low-interest loans that will help them get back on their feet.
"If they are under-insured or didn't have any insurance at all, those are the people we want to see," site manager Sheila Brown says.
Business owners are eligible to receive up to $2 million in loans. The interest rate ranges from 4%-6%. Homeowners are eligible for even lower rates, ranging from 2.188% to 4%.
"The people that are coming in are waiting for their insurance company. Some have cleaned up. We've seen a couple individuals who didn't have any insurance at all," Brown explains.
Workers say applying for the loan doesn't mean you have to use it. Filing an application simply reserves your right to use the loan sometime over the next six months. Workers say there's no penalty if homeowners decided to not use the loan at all.
"It's good to come in and apply just in case you don't receive all the money you were expecting from the insurance company," Brown says.
The loan office in Platteville will be open until six 6:00 p.m. on Thursday. Once the office is close, home and business owners will be able to file online until September 12th by visiting https://disasterloan.sba.gov/ela
Anyone who lives in Grant, Crawford, Iowa and Richland counties are eligible for the loans
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