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U.S. Small Business Administration to Offer Economic Injury Disaster Loans to Small Businesses in West Virginia Due to the Chemical Spill

February 5, 2014

Low-interest economic injury disaster loans are available to West Virginia small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations affected by the chemical spill that contaminated the water supply beginning Jan. 9 , according to a release from U.S. Small Business Administration . Acting SBA Administrator Jeanne Hulit made the loans available following a request from West Virginia Gov. Earl Ray Tomblin on Jan. 27 , for a disaster declaration by the SBA. The declaration covers Boone , Kanawha and Putnam counties and the neighboring Cabell , Clay , Fayette , Jackson , Lincoln , Logan , Mason , Nicholas , Raleigh , Roane and Wyoming in West Virginia . " The Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to help small businesses and non-profits in West Virginia with their federal disaster loans," said Hulit. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA." "The SBA can help affected small businesses and non-profit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA Disaster Loan application to us," said Judy McCauley , SBA's West Virginia district director. Eligible entities may qualify for loans up to $2 million . The SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. The rates on these loans are 2.625 percent for non-profit organizations and 4 percent for small businesses with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources. Applicants may apply online using the Electronic Loan Application via SBA's secure website at disasterloan.sba.gov/ela . Applications and program information are available 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 sending an email to disastercustomerservice@sba.gov . Loan applications can also be downloaded from the SBA's website at sba.gov . Completed applications should be mailed to: U.S. Small Business Administration , Processing and Disbursement Center, 14925 Kingsport Road , Fort Worth, TX 76155. The deadline to return economic injury applications is Oct. 29 . For more information about the SBA's Disaster Loan Program sba.gov/disaster . ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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