SBA Hurricane Matthew Business Recovery Center in Virginia closing

The SBA announced today that the Business Recovery Center in Virginia Beach will close on Tuesday, Jan. 3 at 5 p.m.

To date, SBA has approved over $12 million in disaster loans for Hurricane Matthew to Virginia businesses and residents.  Those with disaster damages that have not applied, should consider taking advantage of the remaining time to meet with an SBA representative at the Business Recovery Center (BRC) and discuss submitting a disaster loan application.  There is no cost to apply or obligation to take the loan if offered.

The Center is located as indicated below:
Virginia Beach
Virginia Beach Economic Development
4525 Main Street, Suite 700
Virginia Beach, VA 23462

Days:              Monday through Friday, 8 a.m. – 5 p.m.
Closed:          Monday, Jan. 2 in observance of the federal holiday
Closing:         Tuesday, Jan. 3 at 5 p.m.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged real estate, contents and other business assets.  For small businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  This loan assistance is available regardless of whether the business suffered any physical property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged real estate.  Homeowners and renters are eligible up to $40,000 for disaster damaged personal property.

Eligible applicants may request a loan increase up to 20 percent of their physical damages for mitigation purposes.  Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations 1.563 percent for homeowners and renters with terms up to 30 years.

Additional information about the disaster loan program may be obtained by calling SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  Loan applications can be downloaded fromwww.sba.gov.  Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

The filing deadline to return applications for physical property damage is Jan. 3, 2017.  The deadline to return economic injury applications is Aug. 2, 2017.