MORGANTOWN, W.Va. – Businesses and residents of West Virginia affected by flooding on July 29, 2021 can apply for low-interest disaster loans with the US Small Business Administration, announced today hui the administrator of the SBA, Isabella Casillas Guzman.
According to the Morgantown region partnershipAdministrator Guzman made the loans available in response to a letter from West Virginia Governor Jim Justice on September 22, 2021, requesting a disaster declaration by the SBA. Businesses and residents of the declared area can now apply for low-interest disaster loans from the SBA.
The declaration includes Monongalia County and the adjacent counties of Marion, Preston, Taylor and Wetzel in West Virginia; and Fayette and Greene in Pennsylvania.
“The mission-oriented SBA team is ready to help small businesses and residents of Monongalia County affected by flooding,” Administrator Guzman said. “We are committed to providing federal disaster loans quickly and efficiently, with a client-centered approach to help businesses and communities recover and rebuild. “
To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) in Monongalia County on Tuesday, October 5 at 11 a.m., as noted below:
|SBA Disaster Lending Awareness Center (DLOC)
Morgantown Shopping Center
9500 Mall Road – Suite 609
Morgantown, West Virginia 26501
Vernissage: Tuesday October 5 from 11 a.m. to 6 p.m.
Hours: Monday to Friday 9 a.m. to 6 p.m.
Saturday October 9, 10 am-2pm
Close on Sunday
Final closure: Thursday October 14 at 4 p.m.
Customer service representatives will be available at DLOC to answer questions about the Disaster Lending Program and help people complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.
“Businesses and private non-profit organizations can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other assets damaged by disaster or destroyed,” he said. said Karen Friel, West Virginia District Director of the SBA.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers Economic Disaster Loans (EIDLs) to help meet fund needs. turnover caused by the disaster. EIDL loan assistance is available whether or not the business has suffered property damage.
“Loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are eligible for loans of up to $ 40,000 to repair or replace damaged or destroyed personal property, ”said Kem Fleming, director of the SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for an increase in the loan amount up to 20% of their physical damage, as verified by the SBA for mitigation purposes. Qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofits, and 1.563 percent for landlords and tenants, with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.
Applicants can apply online using Electronic Loan Application (ELA) via the SBA secure site and should apply under SBA Statement # 17198, not for the COVID-19 incident.
Disaster loan information and application forms can also 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 the following address: [email protected]
Loan applications can be downloaded from sba.gov/catastrophe
Completed applications should be returned to the center or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for returning property damage claims is November 29, 2021. The deadline for returning economic damage claims is June 29, 2022.