Low-Interest Recovery Loans Available to Help Southwest Virginia Residents Affected By Winter Storms and Flooding

April 30, 2015  //  

Governor Mcauliffe

Commonwealth of Virginia
Office of Governor Terry McAuliffe

For Immediate Release

April 30, 2015

Office of the Governor
CONTACT: Brian Coy
E-Mail: Brian.Coy@Governor.Virginia.Gov

 

Low-Interest Recovery Loans Available to Help Southwest Virginia Residents Affected By Winter Storms and Flooding

At the request of Governor Terry McAuliffe, the U.S. Small Business Administration (SBA) has made low-interest disaster loans available to homeowners, businesses and private, nonprofit organizations such as charities, churches and private universities in Southwest Virginia to help them recover from major damage sustained during February’s winter storms and subsequent flooding.

“More than 25 homes and businesses in Wise County were damaged by the severe winter storms and flooding, and the low-interest disaster recovery loans could assist many as they rebuild,” said Governor McAuliffe. “Virginia is committed to helping these communities get back on their feet on the heels of this disaster. My administration is working with members of the SBA to ensure that this assistance is handled in the most effective and efficient manner.”

Although the SBA request is approved for Wise County, Dickenson, Russell, Scott and Lee counties, and the city of Norton are also are eligible to apply for these loans, as they are contiguous to Wise County.

Loans up to $200,000 are available to homeowners to help repair or restore their primary home to its pre-disaster condition. Personal property loans are also available to provide homeowners or renters with up to $40,000 to help repair or replace personal property, such as clothing, furniture and automobiles lost in the disaster. In addition, businesses suffering damage could receive loans of up to $2 million to help repair or replace damaged property and provide working capital for economic injury.

The SBA will open a Disaster Loan Outreach Center (DLOC) at the Wise County Sheriff’s office (5605 Patriot Drive, Wise, VA) to assist local residents with the process of applying for the loans. The DLOC will open on Friday, May 1st, with hours of 9am-6pm on weekdays and 9am-1pm on Saturdays. The DLOC will be closed on Sunday.

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Be ready. Be willing to help.

Virginia Disaster Relief Fund