WEST VIRGINIA Declaration 20981 & 20982
(Disaster: WV-20016)
Incident: SEVERE STORM, STRAIGHT-LINE WINDS, FLOODING,
LANDSLIDES AND MUDSLIDES
occurring: February 15, 2025 & continuing
in the West Virginia counties of: Logan, McDowell, Mercer, Mingo, Wayne, and Wyoming; for economic injury only in the contiguous West Virginia counties of: Boone, Cabell, Lincoln, Monroe, Raleigh, and Summers; for economic injury only in the contiguous Kentucky counties of: Boyd, Lawrence, Martin and Pike; for economic injury only in the contiguous Ohio County of: Lawrence; and for economic injury only in the contiguous Virginia counties of: Bland, Buchanan, Giles, and Tazewell
Application Filing Deadlines:
Physical Damage: April 28, 2025 Economic Injury: November 26, 2025
If you are located in a declared disaster area, you may be eligible for financial assistance from the U. S. Small Business Administration (SBA).
What Types of Disaster Loans are Available?
What are the Credit Requirements?
What are the Interest Rates?
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from nongovernment sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere. Interest rates are fixed for the term of the loan. The interest rates applicable for this disaster are:
What are Loan Terms?
The law authorizes loan terms up to a maximum of 30 years. However, the law restricts businesses with credit available elsewhere to a maximum 7-year term. SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to repay. Borrowers may be required to provide collateral.
What are the Loan Amount Limits?
Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.
Is There Help with Funding Mitigation Improvements?
If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include retaining walls, seawalls, sump pumps, etc. Mitigation loan money would be in addition to the amount of the approved loan but may not exceed 20 percent of total amount of physical damage to real property, including leasehold improvements, and personal property as verified by SBA to a maximum of $500,000 for home loans. It is not necessary for the description of improvements and cost estimates to be submitted with the application. SBA approval of the mitigating measures will be required before any loan increase.
Is There Help Available for Refinancing?
What if I Decide to Relocate?
You may use your SBA disaster loan to relocate. The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily. If you are interested in relocation, an SBA representative can provide you with more details on your specific situation.
Are There Insurance Requirements for Loans?
To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.
Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending.sba.gov or other locally announced locations. Please contact the SBA’s Customer Service Center by email at [email protected] or by phone at 1-800-659-2955 for further assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.