Virginia Announces Low-Interest Loans for Nor’easter Recovery
RICHMOND – Governor Timothy M. Kaine today announced approval of his request for low-interest loans from the U.S. Small Business Administration for homeowners and renters who sustained major damage from the November Nor’easter. The storm, which began on Nov. 11, caused five deaths and an estimated $70 million in damage, primarily in Hampton Roads.
“I have personally seen the damage this storm caused and I know that recovery will be a long and difficult process for those who sustained damage,” said Governor Kaine. “I am very pleased that we have a cooperative federal partner in the U.S. Small Business Administration that will provide these crucial loans so families and businesses can begin to repair and rebuild.”
The loans will be available to renters and homeowners in the cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth and Virginia Beach and the counties of James City and York.
In times of disaster, the U.S. Small Business Administration (SBA) is authorized to make loans to homeowners, renters and businesses of all sizes. Homeowners are eligible for Real Property Loans of up to $200,000 to repair or restore a primary home to its pre-disaster condition. Personal Property Loans can also 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.
Businesses suffering damage can apply for loans up to $2 million to help repair or replace damaged property as well as for loss of business.
Individuals and businesses may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 9 p.m. EST, or by sendingan e-mail to disastercustomerservice@sba.gov.
Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Virginians may also apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
Virginia is still awaiting a decision by the Federal Emergency Management Agency on the Governor’s request for public assistance to cover eligible government and private non-profit costs for damage to critical infrastructure, debris removal and related emergency services.
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on Nov 25 2009. Filed under Richmond News.
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