The U.S. Small Business Administration (SBA) announced last week that federal Economic Injury Disaster Loans (EIDLs) are available in West Virginia for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought that began on Sept. 10.
The declaration includes the primary counties of Mingo, Raleigh, Summers, and Wyoming; and the adjacent counties of Boone, Fayette, Greenbrier, Kanawha, Lincoln, Logan, McDowell, Mercer, Monroe and Wayne in West Virginia; Martin and Pike in Kentucky and Buchanan and Giles in Virginia.
“Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans help sustain rural economies when a disaster occurs.”
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises,
SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, 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. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. For information and to apply online visit SBA.gov/disaster.
Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Submit completed loan applications to SBA no later than May 16, 2025.