The U.S. Small Business Administration (SBA) has announced the opening of two new Business Recovery Centers (BRCs) in Mercer and McDowell counties, West Virginia. These centers aim to assist businesses, nonprofits, and residents affected by severe weather events that occurred on February 15.
Starting Tuesday, March 11, SBA customer service representatives will be available at these centers to provide information about the SBA’s disaster loan program, guide applicants through the process, and help with application completion. Walk-ins are welcome; however, appointments can also be scheduled online.
The BRC in Mercer County is located at Grant’s IGA Supermarket in Bluewell and will operate Monday through Saturday from 9 a.m. to 5 p.m., closing on Sundays. The McDowell County center is situated at the County Armory in Welch and will have similar hours but remain open until 6 p.m.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster."
The Economic Injury Disaster Loan (EIDL) program is available for small businesses, small agricultural cooperatives, and private nonprofit organizations with financial losses due to the disaster. While agricultural producers generally do not qualify for these loans unless they are small aquaculture enterprises, EIDLs can cover working capital needs even if no physical damage occurred.
Interest rates for these loans start as low as 4% for small businesses and 3.625% for private nonprofits. Homeowners and renters may receive loans with interest rates beginning at 2.563%. Payments are deferred until one year after the first disbursement.
Applications can be submitted online via sba.gov/disaster or by contacting the SBA Customer Service Center directly. The deadline for applications related to physical property damage is April 28, while economic injury applications must be submitted by November 26.