Governor Ralph Northam announced today that Virginia’s request for financial assistance to citizens impacted by Tropical Storm Michael in the cities of Danville and Salem has been approved, making low-interest federal loans from the U.S. Small Business Administration (SBA) available to help residents and business owners rebuild from storm damage.
“As Virginians continue to recover from Tropical Storm Michael, it is the job of my administration to pursue all available avenues to aid those impacted, and I am pleased the Small Business Administration has responded positively to my request for assistance on behalf of the citizens of Danville and Salem,” said Governor Ralph Northam. “Rebuilding after natural disasters takes time, patience, and persistence, and these loans will play a vital role in easing the road to recovery for communities affected by the storm.”
“Public safety officials and emergency managers at the federal, state and local level have seen first-hand the devastation caused by Michael,” said Virginia Secretary of Public Safety and Homeland Security Brian Moran. “We appreciate SBA approving these funds to give the citizens of Danville and Salem essential assistance.”
In the coming days, the SBA will open a Disaster Loan Outreach Center in Danville and Salem to answer questions about the disaster loan program and to help individuals complete their applications.
CITY OF DANVILLE DISASTER LOAN OUTREACH CENTER
- Danville City Registrar Office
- 515 Main Street
- Danville, Virginia 24541
- Opens: Thursday, November 15 at 11:00 AM
- Closes: Tuesday, November 20 at 4:00 PM
- Hours: Monday – Friday, 9:00 AM to 6:00 PM
- Saturday, November 17, 10:00 AM to 2:00 PM
- Closed on Sunday, November 18
CITY OF SALEM DISASTER LOAN OUTREACH CENTER
- Fire, EMA City of Salem
- 216 South Broad Street
- Salem, Virginia 24153
- Opens: Thursday, November 15 at 11:00 AM
- Closes: Tuesday, November 20 at 4:00 PM
- Hours: Monday – Friday, 9:00 AM to 6:00 PM
- Saturday, November 17, 10:00 AM to 2:00 PM
- Closed on Sunday, November 18
Through the SBA program, businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, 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.
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 3.675 percent for businesses, 2.50 percent for nonprofit organizations, and 2 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
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 www.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 January 14, 2019. The deadline to return economic injury applications is August 13, 2019.
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