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Federal Loans Available for Flood Victims in Wood County

PARKERSBURG, W.Va. (WTAP) – People in Wood County whose homes or property were damaged by flooding this past April may be eligible for federal loans to help them recover.

The United States Small Business Administration is offering disaster loans to people in Wood, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel and Wood counties in West Virginia that experienced flood damage on April 11th and 12th. Counties contiguous to these in West Virginia, Ohio, and Pennsylvania may also be eligible, according to SBA Public Affairs Specialist Anita Steenson.

SBA Loans for Homeowners, Renters, and Businesses

SBA Public Affairs Specialist Anita Steenson said despite the agency’s name, they’re able to help more than just business owners.

“Because of our name, the U.S. Small Business Association, most people don’t recognize or understand that, during disasters, we have resources, money, for homeowners, renters in addition to businesses and nonprofits.”

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Key Points to Note About SBA Disaster Loans

Per Steenson, here are some of the most important things to note about the loans:

  • SBA’s Disaster Loans funds come directly from the U.S. Treasury.
  • Applicants do not go through a bank to apply. Instead, apply directly online at: lending.sba.gov
  • There is no cost to apply.
  • There is no obligation to take the loan if offered.
  • Applicants can have an existing SBA Disaster Loan and still qualify for a new loan, but the loans cannot be consolidated.
  • Interest rates are fixed for the term of the loan and most SBA disaster loans are approved at the lower rate:
    • Homeowners/renters: 2.688% up to $500,000/$100,000 [+20% mitigation physical damage]
    • Businesses: 4.00%; Nonprofits: 3.250% both up to $2 million
  • No monthly payments or interest for the first year of the loan.
  • Loan terms are generally 15 or 30 years.

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Ensuring Access to Financial Relief

In times of disaster, it is crucial for affected individuals to have access to financial resources that can aid in recovery efforts. The availability of federal loans through the SBA provides a lifeline for those in Wood County and surrounding areas who have been impacted by flooding, offering a path towards rebuilding and recovery.

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