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Disaster loans available

February 23, 2009

The U.S. Small Business Administration reminds businesses in the Tri-State area that Economic Injury Disaster Loans are available to small businesses financially affected by the severe storms, tornadoes and flooding of June 3 to 7, 2008.

Small businesses and most private, nonprofit organizations in Washington County and in Berkeley and Jefferson counties in West Virginia are eligible to apply.

Loans of as much as $2 million are available for small businesses that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.

The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower.

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To obtain a loan application, call the SBA's customer service center at 1-800-659-2955 from 8 a.m. to 9 p.m. Monday to Friday or from 9 a.m. to 9 p.m. Saturday. E-mail may be sent to disastercustomerservice@sba.gov.

Disaster loan applications also can be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may apply for disaster loans from SBA's secure Web site at https://disasterloan.sba.gov/ela/.

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