WHEELING — The U.S. Small Business Administration has opened a Business Recovery Center in Wheeling to assist people who suffered losses related to flooding, landslides and wind damage caused by the severe storms from April 2-6.
With the storm damage resulting in a federal disaster declaration, people are increasingly turning to the Federal Emergency Management Agency for assistance. However, the SBA is ready to assist businesses, nonprofits, homeowners and renters with low-interest loans to help with recovery and mitigation costs. Loans can also be used to provide additional working capital for affected businesses.
“It's better to take out a loan to mitigate the damage,” said Vanessa Santiago, a public affairs specialist for the SBA. “You have to be prepared. If you're prepared for something like this to happen in the future, it won't be a catastrophe.”
If the loan application is approved, the applicant may be eligible to receive additional funds to cover the cost of renovations to mitigate or protect against future damage. Examples of these renovations include building retaining walls, purchasing sump pumps, and other investments.
The Business Recovery Center opened in the former Armory facility in the Clutter neighborhood, which is now owned by the City of Wheeling. Business owners can visit the former U.S. Army Reserve Center at 25 Armory Drive in Wheeling for assistance. Hours of operation are Monday through Friday, 9 a.m. to 6 p.m., and Saturday, 10 a.m. to 2 p.m.
Wheeling Mayor Robert Herron said FEMA also plans to open an office at the same location later this month.
“We have a BRC (Business Recovery Center) at the armory, and we also have a mobile site called a DRC (Disaster Recovery Center) that is run by FEMA,” Santiago explained during a meeting with local officials in Moundsville on Friday.
Originally from Puerto Rico, Santiago now works for the SBA based in Atlanta, but travels wherever disasters occur to help those in need. She was recently at the scene of the Francis Scott Key Bridge in Baltimore, Maryland, when it collapsed after being struck by a large cargo ship. Santiago experienced the disaster of Hurricane Maria in Puerto Rico, and noted that those who have experienced that situation have a good understanding of the needs of those seeking disaster relief and can be of help.
SBA Economic Disaster Loans are available to businesses and nonprofits, while Disaster Loans are available to businesses, nonprofits, and homeowners and renters.
“It's really important that people understand the requirements,” Santiago said. “People tend to think the requirements and the process are very difficult, but they're not. It's very simple.”
Those seeking assistance can receive assistance at a recovery center or apply online at sba.gov/disaster All that's needed to apply for a disaster loan is the applicant's cell phone, contact information, Social Security numbers, financial information like income, monthly expenses, account balances, and insurance information (if any).
Businesses and nonprofit organizations seeking assistance through disaster loans or working capital loans must provide a complete copy of their most recent federal income tax return and provide the Social Security numbers and employer identification numbers of all applicants or owners.
All loans available are low-interest rate fixed loans with terms up to 30 years, and no payments or interest will automatically accrue for the first 12 months from the first payment date.
The deadline for returning property damage claims is July 22, 2024. The deadline for returning economic damage claims is February 24, 2025.
“You don't have to do a lot to apply,” Santiago noted.
Eligibility for the aid extends beyond the boundaries of northern Panhandle counties affected by the disaster declaration, she explained: For example, businesses in Belmont County and Western Pennsylvania that were financially impacted by issues related to the disaster that hit Ohio County in April can apply for loans.
“Our center is one of the most powerful resources the Small Business Administration has available to assist business owners,” said Francisco Sánchez Jr., deputy administrator for the Small Business Administration's Office of Disaster Recovery and Resilience. “Business owners can meet face-to-face with our experts to apply for Small Business Administration disaster loans and get information about the full range of our programs designed to help them recover.”
Homeowners can get disaster loans of up to $500,000 to repair or replace real property damaged or destroyed by a disaster. Homeowners and renters can get loans of up to $100,000 to repair or replace personal property damaged or destroyed by a disaster.
Interest rates are as low as 4% for businesses, 3.25% for nonprofits and 2.688% for homeowners and renters, with terms up to 30 years. No interest accrues and no monthly payments until 12 months after the first disbursement date. Loan amounts and terms are set by the SBA and are based on each applicant's financial situation.
Due to changes in FEMA's award ordering, disaster victims are now encouraged to apply for FEMA grants and SBA low-interest disaster loan assistance simultaneously to fully recover. FEMA grants are intended to cover necessary expenses and critical needs not paid for by insurance or other sources. The SBA Disaster Loan program is intended to help with disaster victims' long-term recovery needs. To apply for SBA assistance online, visit SBA.gov/disaster.
Applicants can also call the SBA's Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information about SBA disaster assistance. Individuals who are deaf, hard of hearing or have speech disabilities can access a communications relay service by dialing 7-1-1.