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SBA Awards More Than $1.3M In WVa Disaster Loans

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- The U.S. Small Business Administration says it has loaned more than $1.3 million to help West Virginians recover from last month's flooding.

Heavy rains caused widespread flooding, mudslides and landslides in Calhoun, McDowell, Mingo, Raleigh and Wyoming counties.

SBA eastern field operations director Frank Skaggs said the agency has approved loans for 42 homes and businesses so far.

Homeowners can borrow up to $200,000 to repair or replace flood damaged real estate. Homeowners and renters can borrow up to $40,000 to repair or replace personal property.

Businesses and most non-profits can borrow up to $2 million.

The deadline to apply is July 14.

(Copyright 2009 by the Associated Press. All rights reserved.)


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