ATLANTA – The U.S. Small Business Administration (SBA) announced today that certain Private Nonprofit organizations (PNPs) in West Virginia may be eligible to apply for low-interest disaster loans. These loans are available following a Presidential disaster declaration for Public Assistance resulting from damages caused by severe storms, flooding, landslides, and mudslides that occurred on Aug. 28 – 30, 2023.
Eligible PNPs must be located Harrison, Kanawha, or Roane Counties. PNPs that provide non-critical services of a governmental nature may be eligible to apply. Examples include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The interest rate is 2.375 percent, with terms up to 30 years. 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.
The SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs, such as ongoing operating expenses for PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
Applicants may apply online and receive additional information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to submit applications for physical property damage is Apr. 29, 2024. The deadline to submit economic injury applications is Nov. 27, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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 www.sba.gov.