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Virginia Politics
Posted at 03:06 PM ET, 11/14/2011

Northern Virginians eligible for low-interest loans for Tropical Storm Lee damage

The U.S. Small Business Administration is making low-interest disaster loans available to individuals, renters and businesses to help them recover from Tropical Storm Lee.

 Gov. Bob McDonnell (R) requested the SBA aid last week for Fairfax and Prince William counties after the Federal Emergency Management Agency denied his request for individual assistance.

 More than 100 homes and businesses were destroyed or sustained major damage. About 500 people were displaced from their homes in Prince William County. The storm also damaged roads, water and sewer pipes, pump stations, buildings and equipment.

 SBA loans also are available in the following contiguous localities: the counties of Arlington, Fauquier, Loudoun and Stafford and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.

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

Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

By  |  03:06 PM ET, 11/14/2011

 
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