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McDonnell seeks SBA loans for tornado-afflicted counties

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Gov. Bob McDonnell is asking the U.S. Small Business Administration (SBA) to make available emergency, low-interest loans to residents and businesses in Pulaski and Washington counties who suffered major damage from April tornadoes.

The request follows an appeal of the Federal Emergency Management Agency’s (FEMA) denial to provide grant assistance to people and businesses affected by the storm. McDonnell could not make the request of the SBA until the appeal to FEMA had been decided.

If the SBA approves the emergency loans, residents with damage in adjacent localities are eligible to apply for the same loans. Other localities in Virginia that sustained damage from the tornadoes do not meet requirements of the SBA loans.

“While the resiliency of Virginians has been demonstrated time and again by those who have been impacted by natural disasters such as these, and by the fellow citizens who have reached out to provide a helping hand after these storms, these low-interest loans from the Small Business Administration can help those facing major repairs to their homes and those needing to replace personal property,”
McDonnell said in a statement.

The SBA loans that would be available under the program include a real property loan of up to $200,000 to homeowners to repair or restore their primary home, up to $40,000 for homeowners or renters to repair or replace personal property, and loans to help businesses repair or replace damaged property and for loss of business.

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