Disaster Assistance Offered to VA People Affected by 2021 Floods
RICHMOND, Va. (WDBJ/SBA Release) – Virginia businesses and residents affected by severe storms and flooding on August 30-31, 2021 can apply for low-interest disaster loans from US Small Business Administration.
SBA Administrator Isabella Casillas Guzman made the loans available in response to a letter from Virginia Governor Glenn Youngkin requesting an SBA disaster declaration. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA.
The statement includes Buchanan County and the adjacent counties of Dickenson, Russell and Tazewell in Virginia, Pike in Kentucky, and McDowell and Mingo in West Virginia.
“SBA’s mission-focused team is ready to help small businesses and Virginia residents impacted by severe storms and flooding,” Guzman said. “We are committed to providing federal disaster loans quickly and efficiently, with a client-centric approach to help businesses and communities recover and rebuild.”
“Businesses and private non-profit organizations can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster,” said the SBA Virginia District Director Carl Knoblock.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Disaster Loans (EIDLs) to help meet capital needs. turnover caused by the disaster. According to the SBA, EIDL loan assistance is available whether or not the business has suffered property damage.
“Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed property. Homeowners and tenants are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for an increase in the loan amount up to 20% of their physical damage, as verified by the SBA for mitigation purposes. According to the SBA, qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage from a similar disaster.
According to the SBA, interest rates are as low as 2.855% for businesses, 2% for nonprofits, and 1.563% for homeowners and tenants, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online using the Electronic Loan Application through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA Statement #17332, not Incident COVID-19.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or emailing an email to [email protected]
Loan applications can be downloaded at sba.gov/disaster. Completed applications should be returned to the center or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for filing property damage return claims is April 4, 2022. The deadline for returning economic injury claims is November 2, 2022.
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