As of close of business on Thursday, November 29, 2018, the U.S. Small Business Administration has approved 32 disaster loans in the amount of $1,093,800 for homeowners and businesses in Virginia impacted last month by Tropical Storm Michael. Interest rates for disaster loans for homeowners in Virginia are as low as 2.00% and as low as 3.675% for businesses of any size depending on credit and ability to repay the loan.
The U.S. Small Business Administration’s Office of Disaster Assistance offers low interest disaster loans to homeowners, renters, businesses of all sizes and private, non-profit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets damaged or destroyed in a declared disaster.
Disaster survivors in Virginia who were impacted by Tropical Storm Michael last month can apply in person at the Disaster Loan Outreach Center (DLOC) listed below, and/or apply online at https://disasterloan.sba.gov/ela. Disaster survivors can also contact the SBA Customer Service Center at 1-800-659-2955 for more information and to request a loan application packet sent to your home or business.
The deadline to apply for a low-interest loans for Physical Damage is January 14, 2019.