SBA Offers Low Interest Disaster Loans During COVID-19 Pandemic
(WVNS) – Businesses in West Virginia’s 55 counties are eligible for assistance from the Small Business Administration (SBA). The group offers low-interest loans for those suffering substantial economic losses due to the COVID-19 pandemic.
Loans are also available in select counties in Virginia including Tazewell, Bland, Buchanan, Giles, and Allegheny. Other states with eligible counties include Kentucky, Maryland, Ohio, and Pennsylvania. A full list is below.
Eligibility for Economic disaster loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long term repayments to keep payments affordable, up to a maximum of 30 years.
“SBA is firmly committed to providing the most effective, customer-focused response possible to assisting small businesses in West Virginia with federal disaster loans,” said Jovita Carranza, administrator of the SBA. “We will quickly deploy our efforts to help these small businesses recover from the financial impacts of the coronavirus (COVID-19).”
Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloan.sba.gov/ela Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. For more details on SBA, visit www.sba.gov
SBA Customer Service Representatives will be available to answer questions about the SBA Economic Disaster Loan Program and explain the application process at 1-800-659-2955. The deadline to apply is December 21, 2020.
Eligible counties by state: