SBA Offers Drought Relief to Virginia Small Businesses and Private Nonprofits Affected by December Drought Low interest disaster loans now available

ATLANTA – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in Virginia who sustained economic losses caused by the drought beginning Nov. 15, 2024.

The disaster declaration covers the counties of Accomack, Caroline, Essex, Gloucester, Hanover, James City, King George, King William, King and Queen, Lancaster, Mathews, Middlesex, Northumberland, New Kent, Northampton, Richmond, Spotsylvania, Stafford and Westmoreland in Virginia, as well Charles, Somerset, St. Mary’s and Worcester counties in Maryland.

Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered 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 available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”