SBA Offers Disaster Relief to Virginia Small Businesses and Private Nonprofits Affected by Power Outage and Boil Water Advisory Low interest disaster loans now available

WASHINGTON  – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for small businesses and private nonprofit (PNP) organizations who sustained economic losses caused by the severe storms resulting in power outage and boil water advisory occurring Jan. 5-11. The SBA issued the administrative declaration for an economic injury disaster on April 9.

The declaration covers primary counties of Goochland, Hanover, Henrico, and Richmond City; and the adjacent counties of Caroline, Charles City, Chesterfield, Cumberland, Fluvanna, King William, Louisa, New Kent, Powhatan, and Spotsylvania in Virginia.

SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”