SBA offers disaster assistance to residents of Virginia affected by severe storms

The Virginia Department of Agriculture and Consumer Services has announced that Virginia businesses and residents affected by the severe storms and tornadoes on Feb. 24, 2016, can apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

Gov. Terence R. McAuliffe requested the SBA disaster declaration. The declaration covers Appomattox and Essex counties and the adjacent counties of Amherst, Buckingham, Campbell, Caroline, Charlotte, King and Queen, King George, Middlesex, Nelson, Prince Edward, Richmond and Westmoreland.

The filing deadline to return applications for physical property damage is August 8, 2016. The deadline to return economic injury applications is March 7, 2017.

SBA’s customer service representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications. The Centers are located in the following communities and are open as indicated:

Appomattox County
Appomattox Community Center
220 Community Lane
Appomattox, VA 24522
Opening: Tuesday, June 14, 10 a.m. to 7 p.m.
Hours: Wednesday through Friday, June 15-17, 9 a.m. to 6 p.m.
Saturday, June 18, 10 a.m. to 2 p.m. (closed Sunday)
Closing: Monday, June 20, 9 a.m. to 3 p.m. 

Essex County
Essex County Administration Building
202 South Church Lane
Tappahannock, VA 22560
Opening: Tuesday, June 14, 9 a.m. to 6 p.m.
Hours: Wednesday through Friday, June 15-17, 9 a.m. to 6 p.m.
Saturday, June 18, 10 a.m. to 2 p.m. (closed Sunday)
Closing: Monday, June 20, 9 a.m. to 3 p.m. 

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 now 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 four percent for businesses, 2.625 percent for nonprofit organizations and 1.813 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/ela.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 800.659.2955 (800.877.8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.