Loans available for Washington County residents affected by June flooding
Communities in West Virginia’s northern panhandle bore the brunt of devastating flooding that occurred in June, but small business owners in Washington County affected by it can apply for disaster loans from the U.S. Small Business Administration (SBA).
Washington County is among nine counties where the owners of small businesses and the leaders of private nonprofit organizations can apply for Economic Injury Disaster Loans (EIDLs) due to the flooding. The loans are available if the owners or operators of an enterprise have suffered “substantial economic injury” as a result of a disaster and are unable to pay “regular and necessary operating expenses.”
The loans cover “different scenarios,” according to Timothy Watson, a public affairs specialist with the SBA.
Those approved for loans can borrow up to $2 million. Applicants must have a credit history acceptable to the SBA and an ability to repay the loans. The agency has also suggested that applications for loans be made even if they do not know how much of their loss will be covered by insurance. If need be, insurance proceeds can be used to repay the loan.
Parts of Washington County experienced extensive flooding as a result of a storm that swept through the region on June 14-15. However, the hardest hit area was in the Ohio County, W.Va., community of Triadelphia. Located about eight miles from the western edge of Washington County, nine people were killed in Triadelphia as a result of raging floodwaters and more than 20 homes were destroyed. Many more homes sustained substantial damage.
The deadline for economic injury loan applications is April 22. More information is available at sba.gov/disaster, or by calling 800-659-2955.