West Virginia EIDL Loan Approval Process

West Virginia has approved 8,342 EIDL applications totaling $663,917,898 in SBA EIDL loans.

The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports West Virginia small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting West Virginia businesses.

West Virginia SBA EIDL Program

West Virginia small businesses, small agricultural cooperatives, and most private nonprofit organizations located in West Virginia’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in West Virginia.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in West Virginia can apply for Economic Injury Disaster Loans (EIDLs).

The West Virginia loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in West Virginia.

West Virginia EIDL Increase Requests and Loan Modifications

For a complete SBA EIDL West Virginia loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your West Virginia business qualifies for, please schedule a call with us directly.

In West Virginia, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your West Virginia company.

Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in WV.

Did Your West Virginia SBA Disaster Loan Get Denied?

If you’re a West Virginia business owner whose West Virginia EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.

The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.

You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your West Virginia business receives funds.

West Virginia SBA Loan Consultant for EIDL Loans

West Virginia SBA EIDL loans are one of the easiest ways for small business owners in West Virginia to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current West Virginia EIDL loan is set at 3.75%.

Also, West Virginia EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.

For small businesses in West Virginia, an SBA EIDL West Virginia loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with WV tax credits.

West Virginia Small Businesses in Need of EIDL Loan Increases or Reconsiderations

West Virginia General Contractors

For general contractors in West Virginia, construction contributed $4.4 billion (5.6%) of the state’s GDP of $78.2 billion. There were 706,000 construction firms in the U.S. in 2017, including 3,047 in West Virginia

The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.

West Virginia Hotels and Hospitality Businesses

Owners of hotels in West Virginia, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in West Virginia for 2021 is $163,168,341, which is down -47% due to the COVID pandemic and mandated shutdowns.

West Virginia hotels generated $307,791,153 in 2019 when more people were traveling, which was +$144,622,812 more in revenue vs. 2021 West Virginia Hospitality numbers.

West Virginia Retail Stores

West Virginia retail stores, monthly state retail sales are up 11.7% in 2021 over last year’s retail numbers for West Virginia.

West Virginia Restaurants

For West Virginia restaurants, over 277 restaurant owners have received approval for $40,597,550 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

The U.S. Small Business Administration (SBA) has awarded funding through the West Virginia Restaurant Revitalization Program to West Virginia restaurants, bars, and other similar places of business that serve food or drink in the State of West Virginia (WV).

Conclusion and Summary for the EIDL Loan Approval Process in West Virginia

Hiring an EIDL Loan Advisor in West Virginia allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their West Virginia business.

Does Your West Virginia Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?

Did you already receive a West Virginia SBA EIDL loan for your West Virginia business?

We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in West Virginia.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in West Virginia.

Was Your West Virginia SBA EIDL Loan Denied?

Has your West Virginia SBA EIDL loan been denied for your WV business?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in West Virginia.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in West Virginia.

Cover Image Credit: 123RF.com / Gstockstudio. / Disaster Loan Advisors.

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