Just over one week remains for West Virginians to apply for some disaster loans from the U.S. Small Business Administration (SBA) over flooding in August 2023.
Flash floods swept communities across the state, especially in southern and central West Virginia. President Joe Biden later declared the incident a major disaster, opening counties up to disaster relief funds.
The SBA made its low-interest disaster loans available to businesses and residents after Biden’s declaration. The application period for loans subsidizing property damage recovery ends April 1.
“The SBA provides business physical damage loans for business owners to repair or replace damaged property, real estate and then supplies and equipment [for] their business,” said Jim Accurso, public affairs specialist with the SBA Office of Disaster Recovery & Resilience.
The SBA also provides physical damage loans for housing damage, Accurso said. This can range from up to $100,000 for the contents of a damaged home to up to $500,000 for the “repair or replacement of damaged real estate.”
“A lot of folks don’t know that the SBA, in these instances, helps homeowners and renters,” he said.
Residents and businesses in Boone, Calhoun, Clay, Harrison and Kanawha counties can also apply for physical disaster loans, which face the upcoming deadline.
Residents of these counties, and several adjacent counties, are also eligible to apply for the SBA’s economic injury disaster loans. These applications are due Oct. 30.
Terms of each loan are set by the SBA based on an individual’s circumstances. Loan payments are not due until one year after the loan is disbursed, and interest does not accrue until this point.
The SBA encourages those affected by the flooding not to wait to apply until they settle with their insurance providers, given the deadline for applications.
“We encourage folks to apply as soon as they can,” Accurso said. “Prior to the deadline.”
For more information on how to apply for a loan, visit the SBA website, or schedule an in-person appointment at the SBA’s office in Charleston or Clarksburg.