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Small Business Administration outlines disaster loan programs for Washington County residents

October 22, 2024 | Washington County, Virginia


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Small Business Administration outlines disaster loan programs for Washington County residents
Washington County officials are taking significant steps to support local businesses and residents affected by recent disasters. During the Board of Supervisors meeting on October 22, 2024, the U.S. Small Business Administration (SBA) presented vital information regarding disaster loan programs available to the community.

Jim McKersow from the SBA highlighted three types of disaster loans designed to assist businesses, homeowners, and renters. These include physical damage loans, which can provide up to $2 million for businesses and $500,000 for homeowners to cover structural damages. Renters can also receive up to $100,000 for personal property losses. Additionally, economic injury disaster loans are available for businesses facing working capital losses due to shutdowns, with applications accepted until July 1, 2025.

The SBA encourages residents to visit one of the six disaster recovery centers operated by FEMA, where they can receive assistance and accurate information about their eligibility for these loans. McKersow emphasized that the SBA evaluates applicants based on their ability to repay rather than solely on credit scores, aiming to dispel any misconceptions that may deter individuals from seeking help.

In addition to the SBA presentation, the meeting included discussions on various topics, including a resolution for bank wire transfers related to small business relief grants and a contract modification for air conditioning at the local animal shelter. The board also addressed the reappointment of a member to the Industrial Development Authority.

As Washington County continues to navigate the aftermath of recent disasters, the support from the SBA and local government initiatives aims to provide essential resources for recovery and resilience in the community. Residents are urged to take advantage of the available programs to help rebuild and stabilize their lives and businesses.

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Scribe from Workplace AI
Scribe from Workplace AI