The U.S. Small Business Administration (SBA) is offering financial assistance to small businesses and private nonprofit organizations in West Virginia affected by Post-Tropical Storm Helene. The storm, which occurred from September 25-28, 2024, prompted the SBA to encourage eligible entities to apply for low-interest federal disaster loans.
The declaration includes several counties: McDowell, Mercer, Monroe, Raleigh, Summers, and Wyoming in West Virginia; and Bland, Giles, and Tazewell in Virginia.
According to the SBA's announcement, their Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that experienced financial setbacks due to the storm. However, traditional agricultural producers like farmers or ranchers are not eligible unless they operate as small aquaculture enterprises.
These loans are designed to cover working capital needs arising from the disaster. They can be used for fixed debts, payrolls, accounts payable, and other expenses that could have been met if not for the storm. Businesses can borrow up to $2 million with interest rates of 4% for small businesses and 3.25% for nonprofits. The repayment terms can extend up to 30 years with no accrued interest or payments required until a year after the first loan disbursement. The specific loan terms depend on each applicant’s financial situation.
To support applicants further, the SBA plans to collaborate with local stakeholders by organizing webinars and workshops tailored for impacted businesses and nonprofits within the designated areas. Details about these events will be communicated through media channels.
Interested parties can find more information or apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Applications must be submitted by September 9, 2025.
The U.S. Small Business Administration aims to empower entrepreneurs with resources necessary for business growth or recovery from disasters through its extensive network of field offices and partnerships nationwide.