MADISON, Wis.—The Wisconsin Small Business Development (SBDC) Network is helping small businesses apply for federal disaster loans to mitigate the substantial economic injury as a result of the coronavirus (COVID-19) pandemic.
The U.S. Small Business Administration (SBA) is offering designated states and territories, including Wisconsin as of March 20, low-interest Economic Injury Disaster Loans (EIDL) for working capital as small businesses have been forced to close or scale back significantly to contain the spread of the virus.
The Wisconsin SBDC, a resource partner of the SBA, has created a web page, www.wwwtest.wisconsinsbdc.org/disasterloans, to help business owners understand the qualifications and application process. Consultants across the network’s 13 locations are working remotely via phone, email and virtual tools to assist clients.
“Business owners face devastating, unprecedented challenges as cash flow and everyday lives are severely disrupted,” said Bon Wikenheiser, state director. “They need expert advice they can trust now more than ever.”
The Wisconsin SBDC Network, hosted by the University of Wisconsin System since 1980, offers no-cost, confidential consulting and business education to new and existing businesses. In 2019, the SBDC served 4,658 clients, resulting in $91.3 million in capital investment, 300 new businesses and 19,717 jobs supported.
“The UW System and its institutions are proud to partner with the SBDC Network, and we know what vital service and support it provides to businesses and people across the state. That will be critically important as we all face the widespread economic impacts of the COVID-19 pandemic,” said UW System President Ray Cross.
“The SBDC Network is a trusted partner of the SBA,” said Eric Ness, Wisconsin’s SBA District Director. “Small business owners should use their services to ease and expedite the loan submission process.”
Additional business resources can be found on Wisconsin SBDC’s website, www.wwwtest.wisconsinsbdc.org/covid-19, and Institute for Business & Entrepreneurship’s website, www.business.wisconsin.edu/covid-19. The UW System is sharing updates regularly at www.wisconsin.edu/coronavirus.
About the Wisconsin SBDC
The Wisconsin Small Business Development Center (SBDC) is a nationally accredited statewide network supporting entrepreneurs and business owners through no-cost, confidential consulting and business education. Regional SBDC experts facilitate improvement and growth for small and emerging mid-size companies and help launch successful new enterprises. The Wisconsin SBDC is hosted by the University of Wisconsin System Administration under the Institute for Business & Entrepreneurship. www.wwwtest.wisconsinsbdc.org
About the Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. www.sba.gov
About UW System
The University of Wisconsin System serves approximately 170,000 students. Awarding nearly 37,000 degrees annually, the UW System is Wisconsin’s talent pipeline, putting graduates in position to increase their earning power, contribute to their communities, and make Wisconsin a better place to live. More than 80 percent of in-state UW System graduates stay in Wisconsin five years after earning a degree. The UW System provides a 23:1 return on state investment. UW System institutions also contribute to the richness of Wisconsin’s culture and economy with groundbreaking research, new companies and patents, and boundless creative intellectual energy. www.wisconsin.edu