The U.S. Small Business Administration (SBA) will make low-interest federal loans available to residents and businesses of Fairfax and Arlington counties, and the cities of Falls Church and Alexandria, where rebuilding efforts are happening after destructive flooding in early July.
Virginia Gov. Ralph Northam announced the loan program Thursday in a news release.
The areas had been working to secure disaster designation status that would make the low-interest loans available after floods caused millions of dollars in estimated damage across a wide swath of Northern Virginia. There was an estimated $14 million in damage in Fairfax County alone.
Businesses and nonprofits may borrow up to $2 million in loans through the program “to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets,” the governor’s office said.
Homeowners can borrow up to $200,000 to replace or repair damaged real estate and $40,000 for personal property.
Interest rates are as low as 4% for businesses, 2.75% for nonprofits and 1.938% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and will be determined based on each applicant’s financial status.
The SBA will open Disaster Loan Outreach Centers in Fairfax and Arlington to help with loan applications and answer questions about the program.
Information about the loans, including how to submit an application, can be found online.
“We appreciate the Small Business Administration approving our request for financial assistance to help Virginians get back on their feet and move forward as quickly as possible. We will continue working in close coordination with the affected communities to support their recovery,” Northam said.
Fairfax County Disaster Loan Outreach Center
Tysons-Pimmit Regional Library
7584 Leesburg Pike
Falls Church, Virginia 22043
- Tuesday, Aug. 13
11 a.m. to 8 p.m. - Wednesday, Aug. 14
11 a.m. to 8 p.m. - Thursday, Aug. 15
11 a.m. to 8 p.m. - Friday, Aug. 16
10 a.m. to 6 p.m. - Saturday, Aug. 17
1 p.m. to 5 p.m. - Sunday, Aug. 18
CLOSED - Monday, Aug. 19
11 a.m. to 8 p.m.
Arlington County Disaster Loan Outreach Center
Arlington County Trades Center
2700 South Taylor Street (Parks and Natural Resources Conference Center)
Arlington, Virginia 22206
- Tuesday, Aug. 13
11 a.m. to 8 p.m. - Wednesday, Aug. 14
11 a.m. to 8 p.m. - Thursday, Aug. 15
11 a.m. to 8 p.m. - Friday, Aug. 16
10 a.m. to 6 p.m. - Saturday, Aug. 17
9 a.m. to 1 p.m. - Sunday, Aug. 18
CLOSED - Monday, Aug. 19
11 a.m. to 8 p.m.
