In response to an amended Presidential disaster declaration, the U.S. Small Business Administration (SBA) announced the availability of low-interest federal disaster loans to businesses, nonprofits, and residents in West Virginia counties affected by severe weather conditions from February 15 to 18, 2025. The newly designated county of Raleigh is eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs). Additionally, small businesses and private nonprofit organizations in Fayette and Kanawha counties adjacent to Raleigh are eligible for EIDLs.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage. I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans."
Businesses and nonprofits can apply for business physical disaster loans with borrowing options up to $2 million for repairs and replacements of disaster-damaged assets. Homeowners and renters may apply for loans up to $100,000 for personal property, while homeowners additionally have the option to borrow up to $500,000 to repair or replace their primary residence. Further, loan increases up to 20% of the verified physical damages are available for mitigation improvements such as wind damage protection, upgrading garage doors, and installing a safe room.
EIDLs offer support for working capital needs, payable against fixed debts and accounts, with low interest rates starting at 4% for small businesses, 3.625% for PNPs, and 2.563% for homeowners and renters.
Applicants are advised not to wait for insurance settlements before applying for disaster loans. SBA can process loans covering total losses within the lending limits, with insurance proceeds potentially used to repay the loan. Concurrent applications for SBA loans and FEMA grants are recommended to ensure comprehensive recovery.
The deadline for physical property damage applications is April 28, 2025, while economic injury applications must be returned by November 26, 2025. For further assistance and applications, visit sba.gov/disaster or contact SBA’s Customer Service Center.