Following weeks of severe storms back in February and March, Southwest Virginia homeowners, renters, businesses and private, nonprofit organizations now have an opportunity to apply for a low-interest disaster loans through the U.S. Small Business Administration (SBA).
According to a news release from the Virginia Department of Emergency Management, those impacted by the winter storms and flooding in Wise, Dickenson, Lee, Russell and Scott counties, as well as the city of Norton, Va., are all eligible to apply for the loan through June 29.
“Loans up to $200,000 are available to homeowners to help repair or restore their primary home to its pre-disaster condition. Personal property loans are also available to provide homeowners or renters with up to $40,000 to help repair or replace personal property, such as clothing, furniture and automobiles lost in the disaster,” according to the release.
Businesses and nonprofit organizations can also reportedly borrow up to $2 million to make repairs or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
According to the release, applicants could also be eligible for a loan amount increase up to 20 percent of their physical damages verified by the SBA in order to make improvements that help prevent the risk of future property damage.
Visit SBA’s website https://disasterloan.sba.gov/ela to apply online using the Electronic Loan Application or call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) for disaster loan information and applications.
Applications can also be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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