RICHMOND, Va. (WRIC) — Gov. Ralph Northam announced Tuesday that the state will give financial assistance to help citizens and businesses impacted by Tropical Storm Isaias.
This assistance will be given in the form of low-interest federal loans from the U.S. Small Businesses Administration. These loans are meant to help citizens rebuilt from storm damage.
“It is always difficult to recover from a disaster, but this year has added challenges due to the ongoing pandemic,” said Secretary of Public Safety and Homeland Security Brian Moran. “We hope these communities will benefit from the federal disaster loans SBA offers and I encourage those that are eligible to take advantage of this assistance to aid in their recovery.”
With this program, businesses and private nonprofit organizations may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by the storm.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate and homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates for these loans will be as low as 3 percent for businesses, 2.75 percent for nonprofit organizations, and 1.188 percent for homeowners and renters with terms of up to 30 years.
The declaration covers the City of Suffolk and the adjacent counties and independent cities of Chesapeake, Isle of Wight, Portsmouth and Southampton.
For more information on how to apply for a loan click here.