President Declares WV Storms a Major Disaster, Loans Available Now
Published Date: 3/12/2025
Notice
Summary
West Virginia got hit hard by storms, flooding, and landslides starting February 15, 2025, and the President declared it a major disaster on February 26. People and businesses in several counties can now apply for low-interest disaster loans to help rebuild, with physical damage loan applications due by April 28 and economic injury loans by November 26. This means fast financial help is on the way to get communities back on their feet!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Physical Disaster Loans for Affected Counties
If you live in McDowell, Mercer, Mingo, or Wyoming County, West Virginia, you can apply for SBA physical disaster loans for damage from the storms that began February 15, 2025. The physical loan application deadline is April 28, 2025, and interest rates listed include 5.125% for homeowners with credit available elsewhere and 2.563% for homeowners without credit available elsewhere; business rates include 8.000% (with credit) and 4.000% (without credit).
Economic Injury (EIDL) Loans for Businesses and Cooperatives
Businesses and small agricultural cooperatives in McDowell, Mercer, Mingo, and Wyoming Counties, and businesses in listed contiguous counties in Kentucky, Virginia, and West Virginia, may apply for Economic Injury Disaster Loans. The EIDL application deadline is November 26, 2025, and interest rates shown include 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for nonprofit organizations without credit available elsewhere.
How to Apply and SBA Contact Information
You can apply for disaster loans online at the MySBA Loan Portal (https://lending.sba.gov) or at other locally announced locations; SBA assistance is available by email at [email protected] or by phone at 1-800-659-2955. The declaration that enables these loans was made on February 26, 2025, for the incident period beginning February 15, 2025.
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