WISCONSIN — Wisconsin businesses impacted by the lack of winter snow may now be able to get a loan.

Gov. Tony Evers and U.S. Sen. Tammy Baldwin announced Tuesday that businesses in areas with a drought declaration can get assistance through a federal disaster loan from the U.S. Small Business Administration (SBA).

What You Need To Know

  • Wisconsin businesses impacted by the lack of winter snow may now be able to get a loan

  • Businesses in areas with a drought declaration can get assistance through a federal disaster loan from the U.S. Small Business Administration (SBA)

  • Statewide snowfall has been 20 to 30 inches below normal this year, according to the National Weather Service

  • Businesses can borrow up to $2 million maximum to cover losses. There is no interest on the loan for the first year; after that, it’s a maximum rate of 4% interest

Both Evers and Baldwin have been advocating for the SBA to confirm the disaster coverage could extend to the mild winter in Wisconsin.

“In Wisconsin, our snowy winters are not just another season, but also a huge economic driver, particularly in the Northern part of the state. This year’s low snowfall has hit many Wisconsin businesses hard and we need to do more to ensure they get some relief,” said Baldwin in a press release.

Statewide snowfall has been 20 to 30 inches below normal this year, according to the National Weather Service. When looking at the Lake Superior snowbelt in northern Wisconsin, that number is even more significant, measuring in at 40 to 70 inches below normal.

“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 Evers in a statement.

Evers said he encourages all eligible businesses to apply for the loans “as soon as possible.”

In addition, both the governor and Baldwin reminded Wisconsinites there are other ways to support Wisconsin businesses through this tough season. They said there are many alternate activities to explore should plans fall through due to weather.

Many counties are already covered by pre-existing disaster designation for drought from the U.S. Department of Agriculture, which allows businesses in areas of drought to be eligible for emergency loans. Those loans can help offset losses sustained as a result of drought.

The newly acquired SBA Economic Impact Disaster Loans (EIDL) allow businesses to borrow up to $2 million maximum to cover losses. There is no interest on the loan for the first year; after that, it’s a maximum rate of 4% interest.

Eligible businesses can apply for the loan here. There are several deadlines to submit the application based on the county; a full list of deadlines can be found here. For more information, applicants can call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.

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