SBA Working Capital Loans Available in Virginia – Farmville
The United States Small Business Administration today announced that Economic Disaster Disaster Loans (EIDLs) are available in Virginia for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations affected by drought from May 1 to October 15, 2021. .
The declaration covers the main counties of Buckingham, Fauquier, Loudoun, Prince William, Smyth and Washington in Virginia; and contiguous counties of Albemarle, Appomattox, Bland, Bristol City, Clarke, Culpeper, Cumberland, Fairfax, Fluvanna, Grayson, Manassas City, Manassas Park City, Nelson, Prince Edward, Rappahannock, Russell, Scott, Stafford, Tazewell, Warren and Wythe in Virginia; Charles, Frederick, Montgomery and Washington in Maryland; Johnson and Sullivan in Tennessee; and Jefferson in West Virginia.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from crop damage and loss, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Kem Fleming. , director of the SBA’s Field Operations Center East. .
Under this statement, the SBA Economic Disaster Loan Program is available to eligible farm and non-farm entities that have suffered financial loss as a direct result of this disaster. Outside of aquaculture businesses, the SBA cannot make disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 2.88% for small businesses and 2% for private non-profit organizations, with terms up to 30 years. These working capital loans can be used to pay fixed debts, salaries, accounts payable and other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA statement #17362, not for the COVID-19 incident.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at (800) 659-2955; for people who are deaf, hard of hearing or have a speech impediment, dial 7-1-1 to access telecommunications relay services; or by emailing [email protected]. Loan applications can be downloaded from the SBA website at sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA by October 17.
