FEMA/SBA Trip To New Martinsville Promotes Business Aid Options
Release Date: October 22, 2004
Release Number: 1558-071
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Charleston, W. VA. -- A walking tour of flood-damaged Main St. businesses in New Martinsville, Wetzel County, Thursday, promoted the U.S. Small Business Administration (SBA) disaster loan program to businesses and non-profits.
Federal, state and local officials on the tour encouraged the business owners to apply for low-interest SBA disaster loans, which are also available to non-profit organizations like churches, charities, and private schools.
Even businesses with insurance may need additional funding to return to pre-disaster condition. Flood-affected businesses are encouraged to register with FEMA at 1-800-621-FEMA. An SBA package will be sent to them.
There are two types of business loans, Business Physical Disaster Loans (BPDL) and Economic Injury Disaster Loans (EIDL).
Physical Disaster Loans cover damages to property owned by the business, including its real estate, machinery and equipment, inventory and supplies. Businesses as well as non-profits like churches, charities and private universities are eligible.
Economic Injury Disaster Loans are loans for providing working capital to small businesses and agricultural cooperatives to assist them through the disaster recovery period.
Both Business Physical Disaster Loans and Economic Injury Disaster Loans provide capital at rates as low as 2.9 percent.
On March 1, 2003, FEMA became part of the U.S. Department of Homeland Security. FEMA's continuing mission within the new department is to lead the effort to prepare the nation for all hazards and effectively manage federal response and recovery efforts following any national incident. FEMA also initiates proactive mitigation activities, trains first responders, and manages the National Flood Insurance Program and the U.S. Fire Administration.
Last Modified: Friday, 22-Oct-2004 17:58:11