In a recent announcement from the U.S. Small Business Administration (SBA), low-interest federal disaster loans are now available to private nonprofit organizations in Boone and Raleigh counties, West Virginia. This follows an amended Presidential disaster declaration covering severe storms, straight-line winds, flooding, landslides, and mudslides from February 15-18, 2025.
Under this declaration, private nonprofits offering non-critical governmental services that experienced financial losses directly due to the disaster can apply for Physical Damage Loans and Economic Injury Disaster Loans (EIDLs). Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
Private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed property, including real estate, machinery, and business assets. A loan increase of up to 20% for mitigation purposes, as verified by the SBA, is also possible. EIDLs aim to cover working capital needs resulting from the disaster, even if no physical damage occurred.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The interest rate can be as low as 3.625%, with terms up to 30 years, and interest does not begin to accrue until 12 months after the initial disbursement. Loan amounts and terms are determined by the SBA based on each applicant’s financial situation.
Interested applicants can apply online at sba.gov/disaster or call the SBA's Customer Service Center for further assistance. The deadlines to submit applications for physical property damage and for economic injury are May 19, 2025, and December 19, 2025, respectively.
The SBA continues to be a resource for small businesses and entrepreneurs, offering support and resources necessary for growth and recovery.