Low-interest loans available to help flood victims

RICHMOND (WSLS 10) – The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to homeowners, renters, businesses and private nonprofit organizations in Alleghany, Bath, Botetourt, Craig and Rockbridge Counties in Virginia, as well as Greenbrier and Monroe Counties in West Virginia.

"These low-interest loans are critical to helping businesses and families recover from the flooding experienced in June," Governor McAuliffe said. "Virginia is committed to assisting these communities so families and business owners can recover as quickly as possible. Our administration is working with the SBA to make sure this assistance is provided in the most effective and efficient manner."

Loans up to $200,000 are available to homeowners to help repair or restore their homes. Personal-property loans are also available to provide homeowners or renters with up to $40,000. Businesses of all sizes and private nonprofit organizations may borrow up to $2 million

SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

The SBA will open a Disaster Loan Outreach Center (DLOC) at 10:00 a.m. Wednesday at the Alleghany County Governmental Complex in Covington, to assist with the application process. Applicants can also apply online.

Hours for the center are as follows.

  • Thursday and Friday, 8 a.m. - 5 p.m.
  • Saturday, 10 a.m. to 2 p.m.
  • Closed Sunday July 31
  • The DLOC will close Monday, August 1 at 3 p.m.

Disaster loan information and applications may also be obtained by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by emailing disastercustomerservice@sba.gov.

Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.