2012 PRESS RELEASES
Click here to e-mail this page to a friend.
October 25, 2012
SBA ECONOMIC INJURY DISASTER LOANS AVAILABLE IN VIRGINIA FOLLOWING SECRETARY OF AGRICULTURE DISASTER DECLARATION
Contact: Elaine J. Lidholm, 804.786.7686
The Virginia Department of Agriculture and Consumer Services announced today that the U.S. federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations from the Small Business Administration (SBA). The loans are available because the Secretary of the USDA designated several localities in Virginia disaster areas as a result of drought, excessive heat and high winds beginning January 1, 2012.
This SBA’s disaster declaration includes the following counties: Albemarle, Amelia, Amherst, Appomattox, Bedford, Botetourt, Brunswick, Buckingham, Caroline, Campbell, Charles City, Charlotte, Chesterfield, Culpeper, Cumberland, Dinwiddie, Essex, Fauquier, Fluvanna, Franklin, Gloucester, Goochland, Greene, Greensville, Halifax, Hanover, Henrico, Henry, James City, King and Queen, King George, King William, Lancaster, Louisa, Lunenburg, Madison, Mathews, Mecklenburg, Middlesex, Nelson, New Kent, Northumberland, Nottoway, Orange, Page, Pittsylvania, Powhatan, Prince Edward, Prince George, Prince William, Rappahannock, Richmond, Roanoke, Rockbridge, Rockingham, Southampton, Spotsylvania, Stafford, Surry, Sussex, Westmoreland and York; and contiguous independent cities of Bedford, Colonial Heights, Danville, Fredericksburg, Hopewell, Lynchburg, Petersburg and Richmond.
When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster. Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA.
The loan amount can be up to $2 million with interest rates of three percent for private non-profit organizations of all sizes and four percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website Disaster loan information and application forms also may be obtained by calling the SBA’s Customer Service Center at 800.659.2955 (800.877.8339 for the deaf and hard-of-hearing) or by sending an e-mail to firstname.lastname@example.org. Loan applications can be downloaded from here. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than June 17, 2013.