The U.S. Small Business Administration (SBA) is urging small businesses and private nonprofit organizations in West Virginia to apply for federal disaster loans following severe weather events in February. These low-interest loans aim to alleviate economic losses caused by storms, straight-line winds, flooding, landslides, and mudslides that occurred from February 15 to 18.
The declaration includes several counties across West Virginia, Kentucky, Ohio, and Virginia. Specifically mentioned are Boone, Cabell, Fayette, Kanawha, Lincoln, Logan, McDowell, Mercer, Mingo, Monroe, Raleigh, Summers, Wayne and Wyoming in West Virginia; Boyd, Lawrence, Martin and Pike in Kentucky; Lawrence in Ohio; as well as Bland, Buchanan, Giles and Tazewell in Virginia.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," stated Chris Stallings of 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."
Under this initiative, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses and certain agricultural cooperatives affected by the disaster. However, traditional agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs can be used for working capital needs stemming from the disaster even if no physical damage occurred. The funds may cover fixed debts like payroll or accounts payable. Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.625% for private nonprofits over terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement.
To facilitate access to these resources, SBA will collaborate with local entities to offer webinars and workshops tailored for affected areas. Information about these events will be made available through media channels.
For further details or to apply online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. The deadline for filing economic injury applications is November 26th of this year.