VIRGINIA – Small businesses and agricultural cooperatives could soon see some help from the U.S. Small Business Administration in the form of disaster loans.
On Wednesday, the administration announced that federal Economic Injury Disaster Loans (EISLs) will be available in Virginia due to the drought that occurred on Nov. 7.
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This includes small businesses, agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations with economic losses in the following counties:
- Albemarle County
- Amherst County
- Nelson County
- Rockbridge County
The declaration also includes the contiguous counties of Alleghany, Appomattox, Augusta, Bath, Bedford, Botetourt, Buckingham, Buena Vista, Campbell, Charlottesville, Fluvanna, Greene, Lexington, Louisa, Lynchburg, Orange, and Rockingham.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
The loan amount can be up to $2 million with interest rates of 4 percent for small businesses and 3.25 percent for private nonprofit organizations, with terms up to 30 years.
Applicants may apply online via SBA’s website here, and should apply under SBA declaration #20100.
The deadline to apply is July 15, 2024.