Economic Injury Disaster Loans Available to Businesses and Private Nonprofits Impacted by Flooding

June 30, 2016  //  

Update 7/1/2016: Highland County also eligible for SBA Economic Injury Disaster Loans. SBA news release

RICHMOND, Va. – The U.S. Small Business Administration (SBA) is offering low-interest Economic Injury Disaster Loans to businesses and private nonprofit organizations in Alleghany, Bath, Craig and Giles counties affected by the severe storms and flooding on June 23.

A recent SBA disaster declaration for hard-hit West Virginia counties makes the adjacent Virginia counties of Alleghany, Bath, Craig and Giles eligible for Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in these counties are eligible to apply for the loans.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the SBA, and is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations and with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the electronic loan application via the SBA’s secure website at https://disasterloan.sba.gov/ela. Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

The deadline to return economic injury applications is March 27, 2017. For more information about the SBA’s Disaster Loan Program, visit www.sba.gov/disaster.

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Contact Information:

Name: Dawn Eischen
Phone: (804)  897-9730 or (804) 674-2400
Email: Dawn.Eischen@vdem.virginia.gov
Address: 10501 Trade Court | Richmond, Virginia | 23226

Be ready. Be willing to help.

Virginia Disaster Relief Fund