Businesses, nonprofits and residents of Marion and Ohio counties that sustained damages from the storms on June 14 and 15 should apply to the U.S. Small Business Administration (SBA) for the federal disaster loan program according to a press release from the SBA.
Disaster survivors do not need to wait for insurance settlement to apply. The SBA can make a low interest disaster loan, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
SBA loans cover physical damage loans and economic injury disaster loans.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances.
Homeowners may apply for up to $500,000 to replace or repair their primary residence. Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes.
Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. The filing deadline to return applications for physical property damage is Sept. 22, 2025. The deadline to return economic injury applications is April 22, 2026.
Small businesses and most nonprofit organizations in the following adjacent counties are eligible to apply only for the economic injury disaster loans: Brooke, Harrison, Marshall, Monongalia, Taylor and Wetzel in West Virginia as well as Belmont and Jefferson counties in Ohio and Washington county in Pennsylvania.