Industries Economic Development

Deadline set for SBA disaster loans in Virginia

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The deadline for Small Business Administration disaster loans for damages suffered in Virginia storms last fall is Oct.9.

The SBA declared seven counties and the city of Newport News disaster areas as a result of damage from Hurricane Irene, Tropical Storm Lee and continuing excessive rainfall from Aug. 27 through Oct. 31, 2011.

The SBA’s disaster declaration includes Charles City, Isle of Wight, James City, Prince George, Southampton, Surry and Sussex counties in addition to Newport News.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible businesses that suffered financial losses as a direct result of the storms.

The loan amount can be up to $2 million with interest rates of 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. 

The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.  These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela

.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955.

 


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