 |
 |
 |
||
|
||||
|
||||||||
|
SBA Loans Help Businesses In Disaster Areas Loans are now available to help business repair any property that was damaged during Tropical Depression Ernesto. The US Small Business Administration has set up loan outreach centers in Hampton, Newport News and Gloucester. People can apply for home disaster loans or business physical disaster loans at the centers for financial assistance to help them repair their property. There are also economic injury disaster loans available for small businesses and small agricultural cooperatives. Businesses can borrow up to one and a half million dollars. This may be used to repair or replace property, equipment, stock and other business assets. They can also apply for loans to compensate for the loss of business. These loans are also available for private non-profit organizations. The rates vary from 4 percent to almost 8 percent. The SBA has also provided low-interest loans for people to repair or replace residential property. The loans are designed to help people who are finding it difficult to repair the damage caused by Ernesto. There are two loans available for individuals. Personal Property Loans help individuals repair or replace personal property. Real Property Loans help individuals repair or restore a primary home. Tropical Depression Ernesto began on August 29th, causing approximately $118 million in damage, in Virginia. Governor Timothy Kaine announced on Monday 16th that the SBA had approved low-interest loans to help people repair damage caused by the storm. SBA loans are the main source of federal assistance for private sector losses caused during a natural disaster. The deadline for filing an application for a property damage loan is December 15th. People living in Gloucester, Northumberland, Hampton, Newport News, Richmond, Essex, James City, King and Queen, Lancaster, Mathews, Middlesex, Westmoreland, York and Poquoson are eligible to apply. Damage to government infrastructure and some non-profit organizations will be provided by the Public Assistance program. |
|
|
Suggest an Article
