SBA officials detail loan options and recovery support for Damascus residents

In the heart of Washington County, a recent Board of Supervisors meeting illuminated the ongoing challenges and opportunities for local businesses seeking financial recovery. As the clock struck 6:30 PM on December 10, 2024, board members gathered to discuss critical issues surrounding Small Business Administration (SBA) loans and disaster recovery efforts in the wake of recent economic hardships.

Tim Watts, a representative from the SBA, took center stage, addressing concerns from residents about the complexities of securing loans. He acknowledged the apprehension many feel about taking on debt, especially those who are older and wary of collateral requirements. “You don’t have to take the entire loan amount,” he reassured, emphasizing that applicants can opt for a smaller portion of the loan, although they cannot return for additional funds later.

The discussion turned to the impact of COVID-19 loans, with Watts explaining that existing loans would be considered in the eligibility criteria for new applications. He noted that a minimum credit score of 570 is required, a detail that sparked curiosity among board members about the local community's familiarity with these financial options.

As the conversation unfolded, board members inquired about the current status of SBA loan applications in Damascus. Watts confirmed that a dedicated team had been on-site since late September, providing assistance to those affected by recent disasters. However, he acknowledged that many businesses might delay seeking loans until after the busy tourism season, which peaks from September through February.

Watts also highlighted the importance of communication, stating that individuals who receive a loan decline notice should not lose hope. “Unless it says final decline, it’s not a decline,” he clarified, offering reassurance that there are avenues for applicants to address and potentially overturn initial decisions.

The meeting also touched on the closure of FEMA disaster recovery centers, with the business recovery center in Galax remaining operational for an additional 30 days. Watts expressed his commitment to supporting the community, promising to facilitate virtual workshops and webinars to educate residents about the loan application process.

As the meeting drew to a close, the board members were left with a sense of urgency to spread the word about available resources. The discussions underscored a collective determination to navigate the financial landscape together, ensuring that local businesses have the support they need to recover and thrive in the coming months. The future remains uncertain, but with continued collaboration and communication, Washington County is poised to face the challenges ahead.