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SBA Disaster Assistance Exceeds $1 Million in West Virginia; Economic Injury Funds Still Available for Affected Businesses
ATLANTA – The U.S. Small Business Administration (SBA) announced today that it approved over $1 million in federal low-interest disaster loans to West Virginia homeowners, renters and businesses that sustained damages as a result of the severe storms, flooding, mudslides and landslides that occurred from March 12 through April 9, 2010.
“Currently, 48 SBA disaster loans for homes and businesses have been approved in the amount of $1,158,400 for affected victims,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to approve these loans so the residents and businesses of West Virginia can start to rebuild and resume their normal lives.”
Small businesses and most private non-profit organizations of all sizes in the following counties still have time to apply for Economic Injury Disaster Loans (EIDLs): Boone, Clay, Fayette, Greenbrier, Jackson, Kanawha, Lincoln, McDowell, Mercer, Monroe, Nicholas, Pocahontas, Putnam, Raleigh Roane, Summers, Webster, and Wyoming in West Virginia and Allegany, Bath, Bland, Giles and Tazewell in Virginia.
EIDLs are designed to help meet working capital needs caused by the disaster and are available regardless of whether the business suffered any physical property damage. The interest rate is 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Anyone affected by the disaster may obtain applications and program information by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech and hearing disabilities) Monday through Friday, 8 a.m. to 6 p.m. and Saturday and Sunday from 9 a.m. to 5:30 p.m. EDT or by sending an e-mail to email@example.com. Business loan applications may be downloaded from www.sba.gov/services/disasterassistance. Applications may be returned to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
Disaster victims may visit SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
The deadline to return economic injury applications is December 29, 2010. The filing deadline for physical property damage expired May 28, 2010.
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For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov/services/disasterassistance.