Low-Interest Loans Available to Help with Tropical Storm Lee Recovery

• From Gov. McDonnell's office: 

The U.S. Small Business Administration (SBA) has made low-interest disaster loans available to individuals, renters and businesses to help them recover from Tropical Storm Lee.

Governor Bob McDonnell requested the SBA disaster declaration for Prince William and Fairfax counties following last week’s denial by the Federal Emergency Management Agency (FEMA) of his request for the Individual Assistance Program.Storm damage was concentrated in those counties but FEMA said it was not severe or widespread enough for Virginia to qualify for Individual Assistance.

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.

The SBA will open a Disaster Recovery Center this week. SBA’s customer service representatives will be on hand at the center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications. 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.