Virginia Beach, Va.–Whether you’re a homeowner, renter, private nonprofit or a business of any size, if you have losses due to Hurricane Matthew, applying for a low interest disaster loan from the U.S. Small Business Administration (SBA) could lead to a faster and better recovery. Time is running out to turn in your application. The deadline to apply for physical damage loans is Jan. 3, 2017.

The first step is to register with the Federal Emergency Management Agency (FEMA). Once you have done that, both FEMA and SBA encourage you to apply for an SBA loan. It can help fund your long-term recovery. It can also ensure the federal disaster recovery process continues.

“We see many survivors who are happy they found the time to complete their SBA loan applications,” said FEMA Federal Coordinating Officer Donald Keldsen.

If SBA determines you are not eligible for a home loan, they will refer you back to FEMA. This could make you eligible for more FEMA aid to help with your disaster-related expenses for moving and storage, replacement of personal property and repair or replacement of a flooded vehicle.

“There are times when we can increase an applicant’s grant right up to the maximum we can offer, but only after SBA declined the applicant,” Keldsen said.

If you are eligible, an SBA low-interest disaster loan is a primary source of funds for real estate property repairs and for replacing contents destroyed by Matthew. You are under no obligation to accept a loan. You may have losses that are not covered by insurance, a FEMA grant or other sources. An SBA loan could be a helpful resource for speeding your recovery.

If SBA approves your loan application, you may be eligible as well to borrow additional funds to cover the cost of improvements that will protect your property against future damage. Examples include relocation and elevation of utilities and installing retaining walls and sump pumps. Applicants may be eligible for an SBA loan increase for these mitigation purposes of up to 20 percent of their physical damage.

Do not wait for an insurance settlement before submitting an SBA loan application. You can begin your recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the insurance settlement if you receive one. SBA loans may be available for losses not covered by insurance or other sources.

These are the SBA loan limits:

  • Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence.
  • Homeowners and renters may borrow up to $40,000 to repair or replace personal property.
  • Businesses may borrow up to $2 million for any combination of property damage or economic injury. SBA offers low-interest working capital loans—called economic injury disaster loans—to businesses of all sizes and most private nonprofit organizations.

Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Deferred disaster loan payments begin five months after the date of the SBA note.

How to apply: Until further notice, there are SBA representatives to help individuals and businesses with their loan applications, answer questions and accept completed applications at the Virginia Beach Disaster Recovery Center:

Virginia Beach Disaster Recovery Center

Open 8 a.m. to 7 p.m. Monday- Saturday, until further notice

Meyera E. Oberndorf Central Library

4100 Virginia Beach Blvd.

Virginia Beach, VA 23452

Enter main door turn right near Cafe

For businesses:
There is an SBA Business Recovery Center to help businesses with their applications, answer
questions and accept completed applications:

SBA Business Recovery Center
Open 8 a.m. to 5 p.m. Monday-Friday until further notice
Virginia Beach Economic Development

4525 Main St, Suite 700

Virginia Beach, VA 23462
You may mail your application to:

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX  76155

You can also apply online using the electronic loan application via SBA’s secure website at

Disaster loan information and application forms are also available from SBA’s customer service center by calling 800-659-2955 or emailing Individuals who are deaf or hard‑of‑hearing may call 800-877-8339. For more disaster assistance information or to download applications, visit

If you have not registered with FEMA:

  • You can apply by calling the FEMA help line at 800-621-3362 or (TTY) 800-462-7585. If you use 711-Relay or Video Relay Services, you should call 800-621-3362. Operators are multilingual and calls are answered from 7 a.m. to 11 p.m. local time seven days a week; or
  • You can go online at; or
  • You can visit the Disaster Recovery Center in Virginia Beach

SBA economic injury disaster loans are working capital loans to businesses to relieve the economic injury caused by the disaster. These loans are available only for small businesses, small agricultural cooperatives, and certain private nonprofit organizations of all sizes to cover unpaid bills and lost business due to the disaster. The total of both physical damage and economic injury loans cannot exceed $2 million. These loans are available to eligible businesses as well as certain private nonprofits even if Matthew did not damage their real property.

Eligible localities for both Physical and Economic Injury Disaster Loans: The disaster declaration covers these localities, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA: independent cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk and Virginia Beach.

Eligible localities for Economic Injury Disaster Loans only: Small businesses and most private nonprofit organizations in the following adjacent localities are eligible to apply only for SBA Economic Injury Disaster Loans: Isle of Wight, James City, Poquoson City, Southampton and York County.

Additional information about this disaster is available at and Virginians seeking information about disaster-related services and unmet needs should call Virginia 211, a statewide information and referral service. For free legal assistance, call 800-552-7977, Monday through Friday from 9 a.m. to 4 p.m. on the FEMA Mobile app, or by calling 800-621-3362.


FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from and mitigate all hazards.

Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-3362 (voice, 711 or video relay service). TTY users can call 800-462-7585.

The SBA is the federal government’s primary source of money for the long term rebuilding and recovery. SBA helps businesses of all sizes, private nonprofit organizations, homeowners and renters fund repairs or rebuilding efforts and can cover the cost of replacing losses of disaster-damaged real estate and personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations.

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