SBA Helping WV Businesses and Residences Recover From July Severe Storms and Flooding

8/21/2017

Disaster News
                   Loans for Businesses of All Sizes, Homeowners and Renters
SBA Disaster Assistance – Field Operations Center- East – 101 Marietta Street, NW, Suite 700, Atlanta, GA 30303

 
Release Date: August 21, 2017                                                                         Contact:  Michael Lampton
Release Number: 17-709, WV 15255/15256                                                  Email:  Michael.Lampton@sba.gov
                                                                                                                                          Phone:  (404) 331-0333
                                                                                                                                                                          
 
SBA Helping West Virginia Businesses and Residents Recover
From July Severe Storms and Flooding
 
 
WASHINGTON Administrator Linda McMahon of the U.S. Small Business Administration issued the following statement after the announcement of the Presidential disaster declaration for several counties in West Virginia affected by severe storms, flooding, landslides and mudslides on
July 28 – 29, 2017.
 
“The SBA is strongly committed to providing the people of West Virginia with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
 
The disaster declaration covers Harrison, Marion, Marshall and Wetzel counties in West Virginia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Barbour, Doddridge, Lewis, Monongalia, Ohio, Taylor, Tyler and Upshur in West Virginia; Belmont and Monroe in Ohio; and Greene and Washington in Pennsylvania.
 
Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets.  Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate.  Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.
 
Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters, with terms up to 30 years.  The SBA customizes loan amounts and terms based on each applicant’s circumstances.
 
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
 
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.
 
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov.  If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
 
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 e-mail to disastercustomerservice@sba.gov. 
 
The filing deadline to submit applications for physical property damage is Oct. 17, 2017. The deadline for economic injury applications is May 18, 2018.
 
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.
 
                                                                                                                                                                                               


Contact Information

Contact: Michael Lampton