Small Business Administration Announces Economic Injury Disaster Loans for Brooke, Hancock and Ohio Counties

10/11/2019

Release Date: Oct. 10, 2019  

Contact: Michael Lampton (404) 331-0333 Michael.Lampton@sba.gov

Release Number: 20-012, OH 16157  
SBA Economic Injury Disaster Loans Available in Three West Virginia Counties Following Secretary of Agriculture Disaster Declaration
 
ATLANTA - The U.S. Small Business Administration announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Brooke, Hancock and Ohio counties in West Virginia as a result of excessive rain and flooding from Jan. 1 through Aug. 20, 2019.
 
"These counties are eligible because they are contiguous to one or more primary counties in Ohio. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," said Kem Fleming, director of SBA’s Field Operations Center East.
 
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
 
The loan amount can be up to $2 million with interest rates of 3.74 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.
 
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from Disasterloan.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
 
Submit completed loan applications to SBA no later than June 4, 2020.
 
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Contact Information

Lora Lipscomb, WVDHSEM Public Information Officer