VDACS News Releases
October 14, 2016
Virginia Department of Agriculture and Consumer Services Announces that the U.S. Small Business Authority Offers Disaster Assistance to Residents of Southampton County and the City of Suffolk Affected by Hurricane Matthew
Assistance available for small agricultural cooperatives and small businesses engaged in aquaculture
Contact: Elaine Lidholm, 804.786.7686
The U.S. Small Business Administration has added more counties to the disaster declaration in North Carolina affected by Hurricane Matthew that began on Oct. 4, 2016.
The disaster declaration now covers the counties of Beaufort, Bertie, Bladen, Columbus, Cumberland, Dare, Duplin, Edgecombe, Gates, Greene, Harnett, Hoke, Hyde, Johnston, Jones, Lenoir, Nash, Pender, Pitt, Robeson, Sampson, Wayne and Wilson in North Carolina, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Brunswick, Camden, Carteret, Chatham, Chowan, Craven, Currituck, Franklin, Halifax, Hertford, Lee, Martin, Moore, New Hanover, Northampton, Onslow, Pamlico, Pasquotank, Perquimans, Richmond, Scotland, Tyrrell, Wake, Warren, and Washington in North Carolina; Dillon, Horry and Marlboro in South Carolina; and Southampton County and Suffolk City in Virginia.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses and 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.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website.
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