ATLANTA – The U.S. Small Business Administration (SBA) announced today that it has extended its deadline to Nov. 2 to give West Virginia businesses and residents more time to apply for federal disaster loans for physical damage from the severe storms, flooding, landslides, and mudslides that occurred April 11-12. In addition, SBA will temporarily close it Business Recovery Centers on Monday, Sept. 2 in observance of the Labor Day Holiday. The Centers will resume normal operations on Tuesday, Sept. 3.
The disaster declaration now covers Boone, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel, and Wood 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 (EIDLs): Brooke, Calhoun, Clay, Doddridge, Fayette, Harrison, Jackson, Lincoln, Logan, Marion, Monongalia, Nicholas, Pleasants, Putnam, Raleigh, Ritchie, Tyler, Wirt and Wyoming in West Virginia; Athens, Belmont, Columbiana, Jefferson, Meigs, Monroe, and Washington in Ohio; and Beaver, Greene and Washington in Pennsylvania.
Customer Service Representatives are available at the Centers to answer questions, assist business owners complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance.
Business Recover Center (BRC)
Kanawha County
Charleston Area Alliance
1116 Smith Street
Charleston, WV 25301
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Holiday Closure: Monday, Sept. 2, in observance of Labor Day
Business Recovery Center (BRC)
Ohio County
US Army Reserve Center
25 Armory Drive
Wheeling, WV 26003
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Holiday Closure: Monday, Sept. 2, in observance of Labor Day
Businesses and private nonprofit organizations of any size 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 (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20% 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, French drain or retaining wall to help protect property and occupants from future disasters.
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.
Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to 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.
Submit completed loan applications to SBA no later than Nov. 2, 2024. The deadline to submit economic injury applications is April 3, 2025.
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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.