August 17, 2022


Business Activity

SBA Offers disaster assistance to Monongalia Co. businesses and residents affected by July Floods

MORGANTOWN, W.Va. – West Virginia organizations and citizens affected by the flooding on July 29, 2021, might apply for lower-curiosity catastrophe financial loans from the U.S. Compact Enterprise Administration, SBA Administrator Isabella Casillas Guzman introduced these days.

In accordance to the Morgantown Place Partnership, administrator Guzman created the financial loans offered in reaction to a letter from West Virginia Gov. Jim Justice on Sept. 22, 2021, requesting a disaster declaration by the SBA. Companies and citizens in the declared place can now implement for very low-desire disaster financial loans from the SBA.

The declaration involves Monongalia County and the adjacent counties of Marion, Preston, Taylor and Wetzel in West Virginia and Fayette and Greene in Pennsylvania.

“SBA’s mission-pushed group stands all set to assist Monongalia County’s small enterprises and people impacted by the flooding,” claimed Administrator Guzman. “We’re dedicated to providing federal catastrophe financial loans quickly and successfully, with a consumer-centric strategy to enable enterprises and communities get well and rebuild.”

Shorty Anderson’s, A Monongalia Co. business enterprise affected y July floods

To help enterprises and inhabitants afflicted by the disaster, the SBA will open up a Catastrophe Personal loan Outreach Center (DLOC) in Monongalia County on Tuesday, Oct. 5 at 11 a.m. as indicated underneath:

SBA Disaster Loan Outreach Heart (DLOC)
Monongalia County
Morgantown Mall
9500 Shopping mall Highway – Suite 609
Morgantown, WV 26501
Opening: Tuesday, Oct. 5, 11 a.m. – 6 p.m.
Hours: Monday – Friday, 9 a.m. – 6 p.m.
Saturday, Oct. 9., 10 a.m.-2 p.m.
Shut: Sundays
Closing Forever: Thursday, Oct. 14 at 4 p.m.

Purchaser Support Associates will be accessible at the DLOC to reply questions about the catastrophe loan application and assistance people today complete their programs. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help defend the health and fitness and security of the community. All website visitors to the DLOC are encouraged to put on a face mask.

“Businesses and personal nonprofit corporations may borrow up to $2 million to restore or change catastrophe-destroyed or destroyed real estate, equipment and gear, stock, and other small business assets,” said SBA’s West Virginia District Director Karen Friel.
For smaller firms, little agricultural cooperatives, smaller corporations engaged in aquaculture and most non-public nonprofit corporations, the SBA presents Economic Personal injury Catastrophe Financial loans (EIDL) to enable meet up with functioning funds requirements induced by the catastrophe. EIDL Bank loan guidance is readily available irrespective of whether or not the enterprise experienced any bodily property harm.

SBA Emblem

“Loans up to $200,000 are out there to property owners to repair or switch ruined or wrecked real estate. Property owners and renters are eligible for loans up to $40,000 to restore or swap harmed or wrecked personal assets,” stated Kem Fleming, director of SBA’s Industry Operations Center East in Atlanta.

Candidates could be suitable for a financial loan sum increase up to 20 per cent of their actual physical damages, as verified by the SBA for mitigation reasons. Eligible mitigation improvements could involve a safe and sound space or storm shelter, sump pump, French drain, or retaining wall to assistance guard property and occupants from upcoming destruction brought about by a comparable disaster.

Interest prices are as minimal as 2.855 per cent for companies, 2 {35cbf20be41bfd45e10dd383dd0604b9495e63d3ec33f53174e2303ed13e9012} for nonprofit organizations, and 1.563 p.c for homeowners and renters, with conditions up to 30 a long time. Mortgage amounts and phrases are set by the SBA and are based on each applicant’s economic situation.

Candidates may perhaps utilize on line utilizing the Electronic Bank loan Application (ELA) by means of SBA’s secure site and must apply under SBA declaration # 17198, not for the COVID-19 incident.

Catastrophe financial loan info and software forms may also be attained by contacting the SBA’s Client Company Middle at 800-659-2955 (800-877-8339 for the deaf and tough-of-hearing) or emailing: [email protected]

Personal loan purposes may perhaps be downloaded at

Finished apps should really be returned to the heart or mailed to: U.S. Smaller Small business Administration, Processing and Disbursement Middle, 14925 Kingsport Highway, Fort Truly worth, TX 76155.

The submitting deadline to return programs for bodily assets injury is Nov. 29, 2021. The deadline to return economic harm programs is June 29, 2022.