ATLANTA, July 2, 2015 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds businesses of all sizes, private nonprofit organizations, homeowners, and renters in West Virginia of the deadline to submit disaster loan applications for damages caused by severe storms, heavy snow and record low temperatures on March 3-14, 2015. The deadline to apply for a physical damage disaster loan is Aug. 3, 2015.
Low-interest disaster loans are available in Mingo County and the adjacent counties of Lincoln, Logan, McDowell, Wayne and Wyoming in West Virginia; Martin and Pike in Kentucky; and Buchanan in Virginia.
Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private
nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
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.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and applications may also be obtained by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Aug. 3, 2015. The deadline to return economic injury applications is March 3, 2016.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 15-296 WV 14338/14339
Contact: Michael Lampton
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration