Do Not Wait For Insurance Settlement; SBA Urges Return of Applications by May 28 Deadline

ATLANTA--(Business Wire)--
The U.S. Small Business Administration is reminding disaster victims in eligible
West Virginia counties they should not wait to settle with their insurance
companies before applying for disaster loan assistance. The SBA encourages
victims of the severe storms, flooding, mudslides and landslides from March 12
through April 9, 2010 to return their completed applications, even if they have
not settled with their insurance company. Waiting to file an SBA application
could cause unnecessary delays in receiving disaster assistance.

"Victims are urged to complete and return their SBA disaster loan application by
the May 28 deadline,"said Frank Skaggs, director of SBA Field Operations Center
East. "SBA is here to help you with your recovery efforts. I encourage anyone
who has not completed their disaster loan application to do so and return it as
quickly as possible," Skaggs added.

If a victim does not know how much of their loss will be covered by insurance or
other sources, the SBA will consider making a loan for the total loss up to its
loan limits, provided the borrower agrees to use insurance proceeds to reduce or
repay their SBA loan.

Disaster loans up to $200,000 are available to homeowners to repair or replace
damaged or destroyed real estate. Homeowners and renters may borrow up to
$40,000 to repair or replace damaged or destroyed personal property. Businesses
of any size and most private non-profit organizations may borrow up to $2
million to repair or replace damaged or destroyed real estate, inventory,
machinery and equipment and other business assets.

For small businesses, and most private non-profit organizations of all sizes,
the SBA offers Economic Injury Disaster Loans to help meet working capital needs
caused by the disaster. Economic Injury Disaster Loan assistance is available
regardless of whether the business suffered any physical property damage.

The SBA may increase a loan up to 20 percent of the total amount of disaster
damage to real estate and/or leasehold improvements, as verified by SBA, to make
improvements that lessen the risk of property damage by future disasters of the
same kind.

Interest rates can be as low as 2.625 percent for homeowners and renters, 3
percent for non-profit organizations and 4 percent for businesses with terms up
to 30 years. The SBA sets loan amounts and terms based on each applicant`s
financial condition.

Homeowners and renters must call the Federal Emergency Management Agency (FEMA)
at 800-621-FEMA (3362) to receive all forms of disaster assistance for which
they may qualify.

Anyone unable to visit the Centers may obtain applications and program
information by calling the SBA`s Customer Service Center at 800-659-2955
(800-877-8339 for people with speech or hearing disabilities), Monday through
Friday from 8 a.m. to 6 p.m., and Saturday, 9 a.m. to 5:30 p.m. EDT, or by
sending an email to disastercustomerservice@sba.gov. Business loan applications
can be downloaded from the SBA website at
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 visit SBA`s secure website at https://disasterloan.sba.gov/ela/ to
apply for disaster loans.

The deadline for physical loan applications is May 28, 2010; the deadline for
economic injury applications is Dec. 29, 2010.

For more information about the SBA`s Disaster Loan Programs, visit our website
at www.sba.gov/services/disasterassistance.

Release Number: 10-349, WV 12096 / 12097

U.S. Small Business Administration
Michael Lampton,404-331-0333

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