ATLANTA Ga. (WVDN) – In response to a Presidential disaster declaration for public assistance issued March 19, 2025, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for certain private nonprofit (PNP) organizations in West Virginia affected by the severe storms, straight line winds, flooding, landslides and mudslides occurring Feb. 15-18, 2025.
The disaster declaration covers the counties of Greenbrier, Lincoln, Logan, McDowell, Mercer, Mingo, Monroe, Summers, Wayne and Wyoming.
Under this declaration, PNPs providing non-critical services of a governmental nature are eligible to apply for both business physical disaster loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
PNPs may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes.
EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help businesses get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Interest rates are as low as 3.625%, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
