SBA Offers Low-Interest Loans for Recovery from Tropical Storm Lee

The Small Business Administration is making low-interest disaster loans available to individuals, renters and businesses for recovery from Tropical Storm Lee.
 
Gov. Bob McDonnell requested the SBA disaster declaration for Prince William and Fairfax counties following last week’s denial by the Federal Emergency Management Agency of his request for the Individual Assistance Program. Storm damage was concentrated in those counties but FEMA said it was not severe or widespread enough for Virginia to qualify for Individual Assistance.
 
SBA loans also are available in the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park as well as the counties of Arlington, Fauquier, Loudoun and Stafford.
 
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
 
The SBA will open a Disaster Recovery Center this week. SBA’s customer service representatives will answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications. Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.