Small Business Administration Story Archives - West Virginia Public Broadcasting

Final Week To Apply For Federal Aid Over April Storms, Floods

Renters and homeowners have just over one week to apply for aid from the federal government over storms and flooding that struck West Virginia in early April.

Renters and homeowners have just over one week to apply for aid from the Federal Emergency Management Agency (FEMA) over storms and flooding that struck West Virginia on April 11 and 12.

FEMA can help fund basic needs and repair projects spurred by storm damage in Boone, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel and Wood counties. The funds cannot apply to repairs already covered by insurance.

Residents of Brooke, Doddridge, Gilmer, Lincoln and Tyler counties may also be eligible for public assistance on the state or local level.

President Joe Biden approved FEMA’s disaster declaration for the storms in May, opening affected West Virginia regions to federal aid. Applications for the current round of aid to West Virginia were initially due in September, but the agency extended its deadline to Nov. 2.

This year, FEMA announced it streamlined its disaster aid application process, removing some application requirements.

West Virginia residents may also be eligible for financial support from the United States Small Business Administration (SBA). However, loan offers may be delayed “due to a lapse in congressional funding,” according to the SBA website.

Property and business owners from counties affected by the storm can apply for low-interest disaster relief loans from the SBA to offset financial losses. The deadline to apply for these loans is also Nov. 2.

Individuals seeking FEMA aid can apply online, or over the phone at 1-800-621-3362. For more information on eligibility and financial aid for the April storms, visit the agency’s website.

Individuals interested in applying for SBA loans can also do so online. For more information, residents can also contact the SBA over the phone at 1-800-659-2955, or over email at disastercustomerservice@sba.gov.

Two Weeks Remain To Apply For Aid Related To April Storms

Just weeks remain for residents to apply for financial assistance with FEMA and the SBA over storms and flooding that struck the state April 11 and 12. Forms of aid available range from assistance for home repairs to business loans.

Residents have until Sept. 3 to apply for storm-related financial assistance with the Federal Emergency Management Agency (FEMA) and the United States Small Business Administration (SBA).

The aid can help with the cost of repairs due to storms and flooding that struck West Virginia on April 11 and 12.

Renters and homeowners in Boone, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel and Wood counties can seek financial aid from FEMA to cover their basic needs, property damages and repair projects tied to the inclement weather, among other costs.

Residents and business owners from these counties can also seek disaster relief loans from the SBA to offset financial losses from the storms.

Eligible parties seeking emergency aid from FEMA can apply for assistance online at disasterassistance.gov, by calling the agency at 1-800-621-3362 or by visiting their local disaster recovery center.

Residents and business owners can apply for SBA loans online at the agency’s website. They can also contact the SBA over the phone at 1-800-659-2955, or over email at disastercustomerservice@sba.gov.

New Food Entrepreneurship Hub Slated For Charleston

The West Virginia National Guard is opening a new entrepreneurial center in Charleston with a nearly $600,000 grant from the U.S. Small Business Administration.

A business center slated for Charleston aims to provide new resources to entrepreneurs in the culinary sector, including office areas, recipe design spaces and a test kitchen.

The United States Small Business Administration (SBA) announced Thursday it will grant the West Virginia National Guard $595,000 to establish a small business hub in the state capital “with a specific emphasis on food production and innovation.”

The new center will find good company in Charleston, a city already home to multiple other small business incubators — like the University of Charleston Downtown Innovation Hub and the West Virginia Small Business Development Center.

Adjutant General for the State of West Virginia William Crane said in a press release that the new funding will allow the National Guard to expand current entrepreneurial resources within the state’s veteran community and beyond.

The West Virginia Military Authority currently operates a program called Patriot Guardens, which provides “agricultural education and hands-on learning opportunities to veterans, active duty members of the military and their families,” according to the program’s website.

Crane said Thursday that the Patriot Guardens program serves as a stepping stone for veteran and military-affiliated West Virginians looking to enter agricultural entrepreneurship. He expects the new small business hub to expand upon those resources.

The small business center will offer “greater educational, financial and business opportunities,” and will support the Patriot Guardens program “as it continues to mature,” he said.

Sen. Joe Manchin, I-W.Va., said in the press release that he is eager to see the entrepreneurial work that can be accomplished through the new Kanawha County facility.

“I’m pleased the SBA is investing… [in] the West Virginia National Guard’s creation of an innovative small business center in Charleston,” he said. “This funding will support our veterans’ entrepreneurial endeavors, especially in food production.”

One Month Left To Apply For Business Loans Over Storm-Related Damages

Just one month remains for business owners and residents affected by extreme weather incidents in April to apply for disaster assistance loans with the United States Small Business Administration.

Just one month remains for business owners and residents affected by extreme weather incidents in April to apply for disaster assistance loans with the United States Small Business Administration (SBA).

The SBA is currently accepting applications for its low-interest disaster loan, which can subsidize property and structure repair costs that are not already covered by insurance providers.

There is no application fee associated with the disaster loans, and applicants can choose to accept or deny the loans offered to them. The loans also do not accrue interest or have required payments for the first 12 months after they are granted.

Additionally, the SBA is accepting applications for its Economic Injury Disaster Loan (EIDL) program.

Granted to private nonprofits and small businesses, these loans do not require proof of physical damages. Instead, the EIDL program grants participants a capital loan, which helps them cover operating expenses as they recover from disaster-related revenue loss.

While insurance coverage might affect the size of the loan applicants receive, Stephen Clark, public affairs specialist for the SBA, said resident and business owners should not hesitate to begin the application process.

“Disaster survivors should not wait to settle with their insurance company before applying,” he wrote in a Thursday email to West Virginia Public Broadcasting.

“If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan,” he said.

The deadline to apply for both loans is July 22.

Residents and businesses in 11 West Virginia counties — Boone, Cabell, Fayette, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Putnam, Wayne and Wetzel counties — are eligible to apply for the loans.

With the approval of President Joe Biden, the April weather incidents were declared a major disaster for the 11 counties, opening them to federal disaster aid.

In addition to the SBA loans, residents, workers and businesses in these counties may also be eligible to apply for financial assistance with the Federal Emergency Management Agency (FEMA) and WorkForce West Virginia.

Additional financial support for businesses and residents affected by April's severe weather is also available through WorkForce West Virginia.

*Photo Credit: Jack Walker/West Virginia Public Broadcasting*

Residents and business owners can apply for the loans online at the SBA website.

For more information on the loan application process, prospective applicants can schedule an appointment at the SBA’s business recovery centers in the Charleston Area Alliance or the U.S. Army Reserve Center in Wheeling.

The SBA can also provide information on the loans over the phone at 1-800-659-2955, or via email at disastercustomerservice@sba.gov. Prospective applicants with speech or hearing accessibility needs can dial 7-1-1 for telecommunications relay services that can connect to the SBA service number.

About One Week Left To Apply For Flood Damage Loans

Residents can apply for flood damage loans until April 1. These loans can subsidize property recovery or replacement for small businesses and even some housing.

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.

Small Business Federal Contract Eligibility Expands To Five Counties

Small businesses in Boone, Clay, Hampshire, Monroe, and Preston counties are now eligible for financial help through a federal program.

The counties are now designated as Historically Underutilized Business Zones, or HUBZones. Small businesses located in these areas are given exclusive federal contracting opportunities and preferential price evaluations for those contracts.

The program’s goal is to give three percent of federal contract dollars to businesses certified with the program.

Department of Commerce Secretary James Bailey says the program is meant to help businesses in these designated, underserved areas compete.

“It gives a tremendous opportunity to small businesses throughout the state to get into the game,” Bailey said. “It’ll help small businesses in West Virginia compete against huge federal vendors in other parts of the country.”

Gov. Jim Justice requested the counties be granted the designation by the U.S. Small Business Administration last month. In 2022, 59 West Virginia businesses located in areas automatically designated as HUBZones federally received almost $100 million in total funding.

The SBA will update its HUBZone map July 1, which shows where designated HUBZone areas are located nationwide. Bailey says once the map is updated, they’ll be able to identify additional HUBZones and add more areas designated by the governor’s office.