CHARLESTON, W.Va. — Several West Virginia banks have joined the state’s new program to help property owners repair or replace bridges damaged in the May 2009 floods.
The state will provide loan guarantees to participating banks. The banks then provide 0 percent interest rate loans to property owners located in counties declared for individual assistance by the Federal Emergency Management Agency (FEMA). A small application fee, not to exceed $150, will be charged and can be included in the loan. Eligible counties are Mingo, McDowell, Raleigh, and Wyoming.
The deadline for applications is the end of September 2009. The loans are for a maximum of $7,500 over three years.
Starting Wednesday, June 17, applications for bridge repair loans will be accepted at the following banks:
MCNB Banks: Beckley, Daniels and Welch
Bank of Mingo: Gilbert, Williamson (both Commerce Drive and West 4th Street locations), Naugatuck, Delbarton and Matewan
First National Bank of Williamson: Williamson
Pioneer Community Bank: Iaegar, Sophia, Welch, Northfork, War and Bradshaw
First Community Bank (locations in Wyoming and Raleigh Counties): Mullens, Oceana, Pineville, Daniels and Beckley (both Citizens Drive and Brookshire Lane locations)
Participating banks will follow their routine application process to determine applicant eligibility. Applicants must provide a copy of their FEMA registration to the lender to insure that the damage occurred as a result of the 2009 flooding. A Department of
Highways encroachment permit will be required if the bridge connects directly to a state highway.