CHARLESTON, W.Va. – Today Gov. Joe Manchin announced that the state of West Virginia will provide loan guarantees designed to help property owners restore bridges damaged in the June 2010 floods.
“These small bridges are the only way many of the flood victims can reach their homes, and it’s essential that we provide some assistance to get them back in order,” said Gov. Manchin. “While the state can’t build private roads for residents, we are offering a plan that makes it easy for them to help themselves.”
The state will provide loan guarantees to participating banks that, in turn, provide loans to homeowners who live in counties declared for individual assistance by the Federal Emergency Management Agency (FEMA). The loan guarantees for bridge repair or replacement are for a maximum of $10,000 over three years. Property owners apply for the loans through banks serving the affected areas.
Applications will be accepted at participating banks through Nov. 1, 2010.
The floods that struck southern West Virginia in June damaged bridges that area residents need to cross creeks and minor waterways to reach their homes. The counties eligible for the loan program are Logan, Mingo, McDowell and Wyoming.
“We thank West Virginia’s senate president, house speaker, finance chairs and local delegates and senators in the flood-affected counties for bringing this need to our attention and their help with the loan initiative,” said Secretary of Commerce Kelley Goes. “Local, state and federal agencies continue to work in close cooperation to bring recovery aid to residents and businesses in the flood-damaged areas.”
To participate in the guaranteed loan program, lending institutions must first contact the Wyoming County Economic Development Authority. Program details are available from Christy Laxton, Wyoming County Economic Development Authority, 304-732-6707, email@example.com.
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