Manchin Announces SBA Disaster Loans Will Be Available to West Virginians
The U.S. Small Business Administration will offer federal disaster loans for homeowners, renters and businesses of all sizes in Boone, Lincoln, Logan, Mingo and Wyoming counties.
Washington, D.C. – U.S. Senator Joe Manchin (D-W.Va.) today announced that federal disaster loans will be available to homeowners, renters and businesses of all sizes in five West Virginia counties through the U.S. Small Business Administration. The loans will be available following a Presidential Disaster Declaration in Boone, Lincoln, Logan, Mingo and Wyoming Counties. They are intended to speed the recovery of West Virginia communities following destructive weather that began March 15 and caused severe damage.
“I am happy to announce that the Small Business Administration will be able to provide some relief to West Virginians who have experienced so much devastation over the past few weeks,” Senator Manchin said. “So many of our neighbors are continuing to pick up the pieces and trying to put their homes and businesses back together. After visiting the damaged areas a few times, I am confident that the resilient spirit of our friends and neighbors will have these communities up and running again. I have seen firsthand how West Virginians come together in times of need to lend each other a helping hand, and I am so proud of their will to work through these challenging times.”
The SBA loans will allow homeowners and renters to be eligible for up to $200,000 to repair or replace real estate damage. They can receive up to $40,000 to repair or replace personal property.
Most businesses and private non-profit 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.
Both Physical and Economic Injury Disaster Loans are available under the Presidential Disaster Declaration. Physical Injury Disaster Loans proceeds may be used for the repair or replacement real estate property, machinery, equipment, fixtures, inventory and leasehold improvements. Economic Injury Disaster Loans help struggling businesses pay their ordinary and necessary operating expenses. These loans will help businesses stay afloat until normal operations are able to resume.
Logan County will receive both Physical and Economic Injury Disaster Loans. Boone, Lincoln, Mingo and Wyoming counties will receive Economic Injury Disaster Loans.
Those affected by this disaster may fill out a loan application online by visiting SBA’s website at http://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is May 21, 2012. The deadline to return economic injury applications is December 24, 2012.
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