U.S. Small Business Administration (SBA) Center Public Affairs Specialist Vanessa Santiago meets with Wheeling City Manager Robert Herron and Wheeling Marketing and Community Relations Specialist Michele Rejonis. (Photo provided)
WHEELING — The U.S. Small Business Administration has opened a Business Recovery Center in Wheeling to help those who suffered losses associated with flooding, mudslides and wind damage from the severe storms April 2-6 .
In light of the federal disaster declaration issued due to storm damage, people often turn to the Federal Emergency Management Agency for help. However, the SBA stands ready to assist businesses, nonprofits, homeowners and renters with low-interest loans to help not only with recovery costs but also mitigation costs. The loans can even be used as additional working capital for affected businesses.
“It’s better for people to apply for a loan to mitigate the situation,” said Vanessa Santiago, public affairs specialist at the SBA. “You have to be prepared. “If you are prepared when something like this happens in the future, it won’t be a disaster.”
If a loan application is approved, the applicant may be eligible to receive additional funds to cover the cost of improvements that will mitigate or protect the property from future damage. Examples of these improvements include the construction of retaining walls, the purchase of sump pumps, and other investments.
The Business Recovery Center opened in the former Armory facility now owned by the city of Wheeling in the Clator neighborhood. Business owners can visit the former U.S. Army Reserve Center at 25 Armory Drive in Wheeling for assistance. Hours are 9am to 6pm Monday to Friday and 10am to 2pm on Saturdays.
Wheeling City Manager Robert Herron said FEMA is also expected to open an office at the same location later this month.
“We have the BRC or Business Recovery Center at the Armory, and there are also places known as DRC or Disaster Recovery Centers operated by FEMA that are traveling,” Santiago explained Friday, when he was in Moundsville meeting with local officials.
Originally from Puerto Rico, Santiago now works for the SBA based in Atlanta, but goes wherever disaster strikes to help those in need. He was recently on the scene of the disaster in Baltimore, Maryland, after the Francis Scott Key Bridge collapsed after being struck by a large freighter. Santiago went through the Hurricane Maria disaster in Puerto Rico, and noted that those who went through that situation are well aware of the needs of people who seek disaster help that can make a difference.
Economic disaster loans through the SBA are available to businesses and nonprofit organizations, and disaster loans are available to businesses, nonprofit organizations, homeowners, and renters.
“It is very important that people understand the requirements,” Santiago said. “People think that the requirements and the process are very difficult. They are not. It is very simple.”
Those seeking assistance can get help at the recovery center or can apply online at sba.gov/disaster. All that is needed to apply for a disaster loan is a cell phone, contact information and Social Security numbers for all applicants; financial information such as income, monthly expenses and account balances; and insurance information, if available.
Businesses and nonprofit organizations seeking assistance through disaster loans or working capital loans must provide a complete copy of the most recent federal income tax return and provide Social Security numbers and identification numbers. employer for all applicants or owners.
All loans available are low, fixed interest rate loans with terms up to 30 years. From the date of the first disbursement, there will automatically be no payments or interest due for the first 12 months.
The deadline to submit claims for physical property damage is July 22, 2024. The deadline to return claims for economic damage is February 24, 2025.
“You don’t have to do many things to apply,” Santiago said.
Eligibility for assistance also extends beyond the borders of the Northern Panhandle counties affected by the disaster declaration, he explained. For example, businesses in Belmont County or western Pennsylvania that have been financially affected due to issues related to the disaster in Ohio County in April can apply for a loan.
“Our Business Recovery Centers are one of the most powerful resources available to the SBA to support business owners,” said Francisco Sánchez, Jr., associate administrator of the Small Business Administration’s Office of Disaster Recovery and Resilience. Companies. “Business owners can meet in person with our specialists to apply for SBA disaster loans and learn about the full breadth of our programs designed to help them navigate their recovery.”
Disaster loans of up to $500,000 are available to homeowners to repair or replace real property destroyed or damaged by the disaster. Homeowners and renters are eligible to receive up to $100,000 to repair or replace personal property damaged or destroyed by the 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. Interest does not begin to accrue and monthly payments are not due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
With changes to the FEMA Delivery Sequence, survivors are now encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not covered by insurance or other sources. The SBA disaster loan program is designed to help survivors with their long-term recovery needs. Visit SBA.gov/disaster to apply for SBA assistance online.
Applicants can also call the SBA 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 speech impaired may dial 7-1-1 to access telecommunications relay services.