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Small Business Administration News Release
CONTACT: Michael Lampton, SBA (404) 347-3771
FOR RELEASE AT WILL
Oct. 17, 2006
WASHINGTON - Steven C. Preston, Administrator of the U.S. Small Business Administration announced that low-interest disaster loans will be made to Virginia residents affected by Tropical Storm Ernesto that occurred on August 30 through September 1, 2006.
Administrator Preston took this action following an October 13 letter from Virginia Governor Timothy Kaine requesting a disaster declaration by SBA. The declaration covers the independent cities of Hampton, Newport News and Richmond; the counties of Gloucester, Northumberland and the adjacent independent city of Poquoson; the adjacent counties of Chesterfield, Henrico, James City, King and Queen, Lancaster, Mathews, Middlesex, Richmond, Westmoreland and York in the Commonwealth of Virginia.
"We look forward to working with Virginia and the people affected by Tropical Storm Ernesto to make SBA disaster loans available to homeowners, renters and businesses," said Administrator Preston.
Frank Skaggs, Director of Disaster Field Operations Center East said, "Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. SBA's customer service representatives will be on hand at the following Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA's disaster loan program, explain the application process and help individuals complete their application."
The Centers will be located in the following communities and will open on the indicated days and times:
Ronald E. Bew, SBA's Virginia District Director, stresses that these "low-interest Federal disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the storm."
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses only, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Individuals and businesses unable to visit SBA in person may obtain information and loan applications by calling toll free (800) 659-2955. Hearing impaired individuals may call (800) 877-8339.
The filing deadline to return applications for property damage is December 15, 2006. The deadline to return economic injury applications is July 16, 2007.
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