The U.S. Small Business Administration recently announced that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in West Virginia as a result of the combined effects of excessive rain, flash flooding, Hurricane Florence and Hurricane Michael from April 1 through Dec. 31, 2018.
The release said loans are available in Fayette, Greenbrier and Nicholas counties, as well as Braxton, Cabell, Calhoun, Clay, Doddridge, Gilmer, Jackson, Kanawha, Lewis, Mason, Pleasants, Pocahontas, Putnam, Randolph, Ritchie, Roane, Tyler, Upshur, Webster, Wirt and Wood.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” Kem Fleming, director of SBA’s Field Operations Center East, said in the release.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non-farm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.58 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The release said these working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Interested parties may apply online at disasterloan.sba.gov. Application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Applications must be submitted no later than Dec. 10, 2019.
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