ATLANTA – The U.S. Small Business Administration (SBA) announced today the opening of a Disaster Loan Outreach Center (DLOC) at the Buchanan County Red Building/Community Center in Hurley, Va., on Tuesday, Feb. 15 to provide Virginians with one-on-one assistance in submitting a disaster loan application if they were impacted by the severe storms and flooding on Aug. 30-31, 2021.
The disaster declaration includes Buchanan County and the adjacent counties of Dickenson, Russell, and Tazewell in Virginia; Pike in Kentucky; and McDowell and Mingo in West Virginia
To assist applicants affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) on Tuesday, Feb. 15 at 11 a.m. at the Buchanan County Red Building/Community Center as indicated below:
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Buchanan County Buchanan County Red Building/Community Center 1041 Da Justus Road Hurley, VA 24620
Opening: Tuesday, Feb. 15, 11 a.m. – 6 p.m. Hours: Monday - Friday, 9 a.m. – 6 p.m. Saturday, Feb. 20, 10 a.m. – 2 p.m. Closed: Sundays Holiday hours: The center will be open on President’s Day, Monday Feb. 21, 9 a.m. – 6 p.m. Closing permanently: Thursday, Feb. 24 at 4 p.m. |
Customer Service Representatives will be available at the DLOC to answer questions about the disaster loan program and to assist individuals and businesses in completing 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 or any size and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL Loan assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
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 include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration # 17332, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is April 4, 2022. The deadline to return economic injury applications is Nov. 2, 2022.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.