“Due to the amount of physical and economic losses caused by the disaster in West Virginia, we want affected businesses to have a resource where they can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover,” said Frank Skaggs, director of SBA’s Field Operations Center East.
The SBA’s Business Recovery Center will open at the Larry Joe Harless Community Center Monday through Saturday from 10 a.m. to 7 p.m., and closed on Sunday. It will be open from 1 p.m. to 7 p.m., on opening day, Wednesday, June 3, and begin the regular schedule on Thursday.
“We strongly encourage affected businesses to visit the center and get the assistance they need to recover,” said Judy McCauley, the SBA’s West Virginia District director.
Businesses of any size and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
For small businesses, and private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates can be as low as 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.