SBA outlines disaster loans, local centers as Washington County recovers from flooding

Jim McKersow of the U.S. Small Business Administration told the Washington County Board of Supervisors on Oct. 22 that the SBA’s Office of Disaster Recovery and Resilience is providing three types of disaster loans to businesses, homeowners and renters affected by recent flooding.

McKersow said business owners may be eligible for long-term, low-interest physical damage loans up to $2 million and economic injury disaster loans for working-capital losses. Homeowners can apply for up to $500,000 for physical damage and renters for up to $100,000 for contents, he said. He added that nonprofits and schools are eligible for certain business-rate loans.

The official described interest-rate ranges mentioned during the meeting — roughly under 4% for business loans, 3.25% for nonprofits and about 2.83% for homeowners and renters — and noted that awarded loans are obligation-free until accepted and have deferred interest for the first year. He also said mitigation assistance — additional funding equal to 20% of reported damage for mitigation measures — is available for up to two years after award.

McKersow reported that, to date, about 17 applications had been submitted from Washington County and encouraged affected residents to visit staffed disaster recovery centers. He identified local SBA-staffed locations in Damascus and Galax and said those centers are open six days a week to help applicants with the process. He urged residents not to wait to contact their insurers but to also start SBA applications and to visit centers for individual guidance.

The presentation closed with an appeal for outreach: McKersow said SBA staff will continue local events and webinars while recovery centers remain open and that staff will coordinate with FEMA’s disaster recovery operations in the county. The board thanked the SBA representative and moved on to other agenda items.