Disaster Relief Loans Offered to Tropical Storm Lee Survivors in Virginia
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Written by
Sara Routhier
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Reviewed by
Joel Ohman
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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/.