The SBA will make low-interest federal loans available to residents and business owners in the counties of Fairfax and Arlington and the cities of Falls Church and Alexandria to help with recovery from the impacts of the Northern Virginia flooding event on July 8.
“Substantial flooding last month caused extensive damage to many homes and businesses in Northern Virginia,” said Gov. Ralph Northam. “We appreciate the Small Business Administration approving our request for financial assistance to help Virginians get back on their feet and move forward as quickly as possible. We will continue working in close coordination with the affected communities to support their recovery.”
“Emergency responders and public safety officials understand the devastation severe weather can have on the Commonwealth and acknowledge the long rebuilding process,” said Secretary of Public Safety and Homeland Security Brian J. Moran. “We know these SBA loans will make a difference for residents and local business owners in Fairfax, Falls Church, Arlington, and Alexandria.”
Businesses and private nonprofit organizations may borrow up to $2 million through the SBA to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
The SBA offers Economic Injury Disaster Loans for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations 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.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
In the coming days, the SBA will open a Disaster Loan Outreach Center in the counties of Fairfax and Arlington to answer questions about the disaster loan program and to help individuals complete their applications. Residents or business owners located in any of the four declared localities—Fairfax, Arlington, Alexandria and Falls Church—may visit either of the loan outreach centers below or apply online using the Electronic Loan Application (ELA) on the SBA’s secure website at DisasterLoan.sba.gov.
FAIRFAX COUNTY DISASTER LOAN OUTREACH CENTER
Tysons-Pimmit Regional Library
7584 Leesburg Pike
Falls Church
Tuesday, August 13
11:00 AM to 8:00 PM
Wednesday, August 14
11:00 AM to 8:00 PM
Thursday, August 15
11:00 AM to 8:00 PM
Friday, August 16
10:00 AM to 6:00 PM
Saturday, August 17
1:00 PM to 5:00 PM
Sunday, August 18
CLOSED
Monday, August 19
11:00 AM to 8:00 PM
ARLINGTON COUNTY DISASTER LOAN OUTREACH CENTER
Arlington County Trades Center
2700 South Taylor Street (Parks and Natural Resources Conference Center)
Arlington
Tuesday, August 13
11:00 AM to 8:00 PM
Wednesday, August 14
11:00 AM to 8:00 PM
Thursday, August 15
11:00 AM to 8:00 PM
Friday, August 16
10:00 AM to 6:00 PM
Saturday, August 17
9:00 AM to 1:00 PM
Sunday, August 18
CLOSED
Monday, August 19
11:00 AM to 8:00 PM
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected]. Loan applications can also be downloaded at sba.gov.
Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
The filing deadline to return applications for physical property damage is October 7, 2019. The deadline to return economic injury applications is May 7, 2020.
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