West Virginia Private Nonprofits: Deadline Nears for SBA Physical Damage Loan Applications

The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations (PNPs) in West Virginia of the approaching July 22 deadline to apply for physical damage loans. These loans address damages caused by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that occurred from April 2-6.

PNPs in the counties of Brooke, Hancock, Marshall, Ohio, Preston, Tyler, and Wetzel are eligible to apply. Eligible non-critical PNP organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges, among others.

PNP organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The interest rate is 3.25%, with repayment terms extending up to 30 years. Additionally, applicants may be eligible for a loan amount increase of up to 20% of their physical damages for mitigation purposes. Eligible improvements for mitigation include safe rooms, storm shelters, sump pumps, or French drains to protect property and occupants from future disasters.

The SBA also provides Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses, for PNP organizations. This assistance is available regardless of whether the organization suffered physical property damage.

PNP organizations are encouraged to contact their county’s Emergency Manager to provide information about their organization. This information will be submitted to FEMA to determine eligibility for a Public Assistance grant or referral to the SBA for disaster loan assistance.

Applications can be submitted online at SBA.gov/disaster. Additional disaster assistance information is available through the SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For those who are deaf, hard of hearing, or have a speech disability, dialing 7-1-1 will provide access to telecommunications relay services.

Completed loan applications must be submitted to the SBA by July 22, 2024. The deadline for economic injury applications is February 24, 2025.

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This article, "West Virginia Private Nonprofits: Deadline Nears for SBA Physical Damage Loan Applications" was first published on Small Business Trends