BLUEFIELD, W.Va. – Virginia Governor Glenn Youngkin announced disaster loans will be offered to certain small businesses in areas affected by Hurricane Helene.
In his announcement, Youngkin said Virginia Small Business Finance Authority will partner with the Tobacco Region Revitalization Commission to offer disaster loans to farmers and agricultural and forestry small businesses located in counties that were impacted in Southwest Virginia.
The program offers loans of up to $50,000 to help farmers and owners of agricultural and forestry businesses recover from the storm’s effects, from revenue loss to the repair and replacement of damaged equipment.
“Virginia’s farmers and forestry professionals are the backbone of our economy, and their resilience has always been a testament to the strength of our Commonwealth,” said Governor Glenn Youngkin. “Through the Agricultural Disaster Microloan Program, we’re ensuring that these vital industries have the resources they need to rebuild. This program is a crucial step in our ongoing efforts to restore and revitalize the communities hardest hit by Hurricane Helene.”
The Agricultural Disaster Microloan Program provides loans ranging from $5,000 to $50,000 to cover various disaster-related needs, including equipment repair, temporary loss of revenue, and other expenses directly resulting from Hurricane Helene. Loans are available with a fixed interest rate of 2.5%, with a reduced rate of 1.5% for veteran-owned businesses, and feature flexible terms of up to 36 months, including an interest-only period of up to 90 days or a single-pay loan option for up to 120 days.
No fees are required, and all eligible applicants must have satisfactory credit, be in good standing with the State Corporation Commission, and have established their business before October 1, 2022. Funds are allocated on a first-come, first-served basis and must be used for approved purposes, which include repairs, equipment replacement, and temporary revenue loss, while debt refinancing, real estate, and passive investments are ineligible.
Applications for the Agricultural Disaster Microloan Program will be accepted through December 31, 2024. To apply and for more information on eligibility and application guidelines, visit the VSBFA website or contact VSBFA directly at https://sbsd.virginia.gov/disasterrelief/ or calling (804) 786-1049.
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