The U. S. Small Business Administration (SBA) has approved over $16 million in low-interest disaster loans for businesses and residents in West Virginia affected by the severe storms, flooding, landslides and mudslides on June 22 – 29, 2016. The filing deadline to return applications for physical property damage is Aug. 24, 2016. The deadline to return economic injury applications is March 27, 2017.
Currently, 245 disaster loans have been approved in the amount of $16,362,400 for affected survivors. Reaching $16 million means more businesses and individuals can get back on their feet. People who took the time to apply for disaster loans are making headway by getting their funding available to use for disaster related repairs.
Disaster survivors should not count themselves out, even if they think they cannot afford or want an SBA disaster loan. There is no obligation to take the loan or cost to apply. In some cases, homeowners and renters that cannot qualify for a loan are referred to other programs for grant consideration. There is no need to wait on insurance settlements before applying.
SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations, and 1.625 percent for homeowners and renters. Loan terms can be up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
SBA along with our partners at the Small Business Development Centers (SBDCs), Women’s Business Center and SCORE Chapter will continue to support West Virginia on its path to recovery.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
