Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Nov 18, 2011

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Tropical Storm Lee survivors in Virginia are now able to receive low-interest disaster loans from the U.S. Small Business Administration (SBA), as announced this week in an SBA news release.

 

SBA administrator Karen G. Mills made these disaster loans available after receiving a letter from Virginia Gov. Robert McDonnell on Nov. 9.

 

Virginia’s Department of Emergency Management’s website reports McDonnell first appealed to the Federal Emergency Management Agency (FEMA), but his petition for help was denied.

 

“Getting businesses and communities up and running after a disaster is our highest priority at SBA,” said Mills.

 

The loan amounts available are:

  • Up to $40,000 for homeowners and renters to repair and replace personal property damaged in the storm.
  • Up to $200,000 for homeowners to repair and replace damaged real estate.
  • Up to $2 million for businesses and non-profit organizations of any size to repair real estate, equipment, and inventory.

 

These disaster relief loans will be offered with interest as low as 2.5 percent for homeowners and renters, 3 percent for non-profits, and 4 percent for businesses. All of these loans are available with terms of up to 30 years.

 

The deadline to apply is January 13, 2012 for physical property damage loans, and August 14, 2012 for economic injury loans.

 

A Disaster Recovery Center will open this week, allowing survivors to have questions answered, the loan program explained, and to help complete and submit the applications for these loans.

 

Individuals and businesses unable to make it to the Disaster Recovery Center can get information and applications by either calling the SBA’s Customer Service Center at 1-800-659-2955, emailing [email protected], by download at www.sba.gov, or by direct application at https://disasterloan.sba.gov/ela/.