Maria Contreras-Sweet, the U.S. Small Business Administration’s Administrator issued the following statement after the announcement of the Presidential disaster declaration for several cities and counties in Hampton Roads that began on October 7 2016:
“The U.S. Small business Administration in strongly committed to providing the people of Virginia with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at the SBA.”
In Hampton Roads, the disaster declaration covers the cities of Chesapeake, Newport News, Norfolk and Virginia Beach which are eligible for both Physical Disaster and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent cities and counties are eligible to apply only for the SBA’s Economic Injury Disaster Loans. These cities and counties include Hampton, James City County, Portsmouth, Southampton County, Suffolk and York County. Farm and non-farm related entities; including aquaculture operations in Southampton County and Suffolk are eligible for Economic Injury Disaster loans.
Business and private nonprofit organizations of any size my borrow up to $2million under the Physical Disaster Loan Program to repair or replace disaster damaged and destroyed real estate, machinery and equipment, inventory and other business assets.
Economic Injury Disaster Loans are designed to help small businesses, small agricultural cooperatives and small businesses engaged in aquaculture help meet working capital needs caused by the disaster. These loans are available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,ooo are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations and 1.563 for homeowners and renters with terms up to 30 years. Loan amounts and terms are established by the SBA and are based on each applicant’ financial condition.
SBA representatives at the Business Recovery Center (BRC) in Virginia Beach City can provide information about disaster loans, answer questions and help businesses in completing the SBA application. The Center is located as indicated below and will operate until further notice:
Virginia Beach City
Virginia Beach Economic Development
4525 Main Street, Suite 700
Virginia Beach, VA 23462
Days: Monday through Friday, 8 a.m. – 5 p.m.
Closed: Saturdays and Sundays
Applicants for these loan programs may apply online using the Electronic Loan Application via the Small Business Administration’s secure website at https://disasterloan.sba.gov/ela
To be considered for any other forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the SFEMA toll-free helpline at 800-621-3362.
The filing deadline to return applications for physical property damage is Dec. 9, 2016 and the deadline for economic injury applications is July 10, 2017.
For further assistance or answer to any questions, please contact the Hampton Roads Small Business Development Center at 757-664-2595 on the south side and 757-865-3126 on the peninsula.