Virginia Residents Affected By Floods Can Apply For Low-Interest Loans

August 9, 2019
Loans to repair flood damage will be available at low rates.

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Residents and businesses in Fairfax and Arlington counties, as well as Falls Church and Alexandria can receive low-interest federal loans from the U.S. Small Business Administration.

Virginia Governor Ralph Northam made the announcement Thursday in a news release.

“We appreciate the Small Business Administration approving our request for financial assistance to help Virginians get back on their feet and move forward as quickly as possible," he said. "We will continue working in close coordination with the affected communities to support their recovery.”

Flooding in July left many residents with damaged or destroyed property.

“We know these SBA loans will make a difference for residents and local business owners in Fairfax, Falls Church, Arlington, and Alexandria,” Secretary of Public Safety and Homeland Security Brian J. Moran said.

The SBA is allowing business and private nonprofit borrowers up to $2 million in loans.

Homeowners can borrow up to $200,00 for home repairs and up to $400,00 to repair or replace personal property.

Businesses can see interest rates as low as 4 percent; 2.75 percent for nonprofits and 1.938 percent for renters and homeowners with 30 year terms.

Those interested can visit to Disaster Loan Outreach Centers, which will be located in Fairfax County and Arlington County, or apply online on the SBA website.

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