Deadline Looms for Va. Businesses Seeking SBA Loans for July Storm Damage

A deadline is looming for Virginia businesses, private nonprofits, homeowners and renters to seek disaster loans for physical damage caused by severe weather and flooding on July 5.

The U.S. Small Business Administration says low-interest loans are available in Bland, Buchanan, Russell, Smith and Tazewell counties. The application deadline is Oct. 19.

Loans of up to $2 million are available for businesses and nonprofits to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners are eligible for loans of up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters can seek loans of up to $40,000 to repair or replace damaged or destroyed personal property.