News

The deadline is approaching for West Virginia small businesses and nonprofit organizations affected by the January water crisis to apply for low-interest federal loans.

 

The U.S. Small Business Administration says applications for the economic injury loans must be received by Wednesday. Working capital disaster loans of up to $2 million are available at 2.625 percent for private nonprofits and 4 percent for small businesses, with terms up to 30 years.

 

The loans are intended to pay debts, payroll and other expenses that could have been paid had the disaster not occurred. A chemical spill into the Elk River contaminated water for about 300,000 West Virginians.

 

The loans are available in Boone, Kanawha, Putnam, Cabell, Clay, Fayette, Jackson, Lincoln, Logan, Mason, Nicholas, Raleigh, Roane and Wyoming counties.