Disaster loans approved for Wisconsin small businesses affected by COVID-19 pandemic

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MADISON, Wis. (WBAY) - The U.S. Small Business Administration has approved disaster loans for small businesses in Wisconsin affected by the COVID-19 pandemic.

Businesses and non-profit groups can apply for up to $2 million in loans through the SBA's Economic Injury Disaster Loan program.

The interest rate on loans is 3.75% for for-profit businesses and 2.75% for non-profits, and payments can be extended for up to 30 years.

Information for loan applications can be found at www.sba.gov/disaster.

Business owners with questions about their qualifications or the application process can find help at the Wisconsin SBDC website.

Processing applications may take more time than usual because of high demand.

"With the SBA loans now available to our state, small businesses and their employees have a little more certainty over their financial futures," Gov. Tony Evers said in a statement late Friday night announcing the state's request for disaster loans was approved.