Disaster loans offered in Ky., W.Va., for weather damage

Staff Report

CHARLESTON, W.Va. (AP) — Federal disaster loans are available in parts of Kentucky, West Virginia and Virginia for weather-related damage in March.

The U.S. Small Business Administration says Aug. 3 is the deadline to apply for loans for physical damage caused by storms and low temperatures from March 3 to March 14.

Loans are available in Martin and Pike counties in Kentucky; Mingo, Lincoln, Logan, McDowell, Wayne and Wyoming counties in West Virginia; and Buchanan County in Virginia.

Loans of up to $2 million are available for businesses and nonprofits.

Homeowners can apply for loans of up $200,000 for real estate damage. Loans also are available for homeowners and renters for personal property damage.

The SBA also offers economic injury disaster loans for small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofits.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected] Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Aug. 3, 2015. The deadline to return economic injury applications is March 3, 2016.

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