West Virginia Governor Jim Justice announced that he has secured a disaster declaration for West Virginia businesses and residents affected by the flooding on July 29.
The declaration includes Monongalia, Marion, Preston, Taylor, and Wetzel counties.
‘Businesses 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,’ said SBA’s West Virginia District Director Karen Friel.
‘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,’ said Kem Fleming Director of SBA’s Field Operations Center East in Atlanta.
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 include a safe room or storm shelter, sump pump, french drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are said to be 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.
To apply for a loan online, applicants need to visit Disasterloanassistance.sba.gov/ela/s and should apply under SBA declaration #17198, not for the COVID-19 incident.