June 12, 2023

Attention all West Virginia businesses and residents affected by flooding on August 14th-15th of 2022.

The U.S. Small Business Administration (SBA) has provided information pertaining to their program and assistance available for WV business owners and residents and the WV Small Business Development Center (WV SBDC) wanted to pass along this vital information for those affected.


Which Counties Are Eligible?

Kanawha County, and all adjacent counties: Boone, Clay, Fayette, Jackson, Lincoln, Nicholas, Putnam, Raleigh, and Roane. Any homeowner or renter, business of any size, or non-profit organization in any of the above counties is eligible to apply for disaster loans for their uncompensated, disaster-caused damages.

The SBA is staffing a Disaster Loan Outreach Center (DLOC) where people can receive one-on-one assistance with completing their application, and answers to their questions about the federal disaster loan program:

SBA Disaster Loan Outreach Center (DLOC)
Kanawha County
Town of Belle
1100 E. Dupont Avenue
Belle, WV 25015

Hours: Monday-Friday, 9 a.m. – 6 p.m.

Open: Saturday, 10 a.m. – 2 p.m.

Closed: Sundays

Closing Permanently: Tuesday, June 13, 2023, 4 p.m.


Program Information

Businesses of all sizes, non-profits, faith-based organizations, homeowners and renters can apply for physical disaster loans for their uncompensated losses (for example, damages not covered by insurance).

Small businesses and non-profits can apply for Economic Injury Disaster Loans to help with cash flow. They do not need to have physical damages to apply, but they need to show economic losses directly linked to the disaster.

Any small business or non-profit that applies for a physical disaster loan will automatically be considered for an EIDL. They do not have to put in a separate application.


What Type of Disaster Loans Are Available?

Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. The law limits business loans to $2,000,000.

Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.


What are the Credit Requirements?

Credit History – Applicants must have a credit history acceptable to SBA.

Repayment – Applicants must show the ability to repay all loans.

Collateral – Collateral is required for physical loss loans over $14,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral but requires you to pledge what is available.


What are the Interest Rates?

Interest rates are as low as 3.04% for businesses, 1.875 for nonprofit organizations, and 2.188% 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.


How To Apply

Applicants may apply in person at the Disaster Loan Outreach Center. They should bring their ID, the address of the damaged property, and insurance information, if any. The center’s last day is Tuesday, June 13th(closes at 4pm). The physical damage deadline is not until July 24th. After the center closes, you can apply online or call 800-659-2955 and ask for a paper application to be sent to you through the mail.

Link to apply online: DisasterLoanAssistance.sba.gov/ela/s

Apply under declaration number 17939.

Businesses and individuals may also obtain information and loan applications by calling SBA’s Customer Service Center at 1-800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by emailing DisasterCustomerService@sba.gov.

Loan applications can also be downloaded at sba.gov/disaster.


Program Highlights

  • Disaster loans for homeowners are for one’s primary residence.
  • Driveways, culverts, septic systems, wells, sheds, garages, fencing, decks, etc. are generally all eligible under the disaster loan program.
  • Terms are up to 30 years to make payments affordable, but there are no prepayment penalties for those who wish to pay off their loans early.
  • The loans are direct from the U.S. Treasury, not a bank. The terms and interest rate don’t change.
  • The first payment is not due until five months from the date of the Promissory Note; however, interest accrues during that period.
  • No collateral is required for loans of $14,000 or less.

What is the Deadline?

The filing deadline to return applications for physical property damage is July 24, 2023. The deadline to return economic injury applications is Feb. 26, 2024.