Low-Interest Disaster Recovery Loans For Lower Eastern Shore

REPOSTED

OFFICE OPENS TODAY IN MELFA

Governor McDonnell Announces Low-Interest Disaster Recovery Loans for Eastern Shore
– Available to Help Residents Rebuild from Hurricane Sandy 

RICHMOND-In response to a request from Governor Bob McDonnell, the U.S. Small Business Administration (SBA) has made low-interest disaster loans available to individuals, renters and businesses on Virginia's Eastern Shore to help them recover from Hurricane Sandy.

The governor asked for a federal SBA disaster declaration following the denial by the Federal Emergency Management Agency (FEMA) of his request for the Individual Assistance Program. "Unfortunately, the damage we had in Virginia was not of the severity or widespread enough for us to qualify for Individual Assistance," said Governor McDonnell. "Although we considered an appeal of the FEMA decision, it is very unlikely it would be successful, and waiting for another decision would only delay assistance that can be provided through disaster recovery loans."

SBA loans are available to individuals, renters and businesses in Accomack and Northampton counties. An SBA office will open Tuesday, Dec. 11, and be open through Thursday, Dec. 20, except for Sunday, Dec. 16, when it will be closed. Office hours are 10 a.m. - 7 p.m. daily. The SBA office will be located at the Eastern Shore Fire Training Center, 28598 Beacon Road, Melfa, Va., 23410. SBA customer service representatives will be on hand at the center to answer questions about the disaster loan program, explain the process and help individuals complete their applications.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Both homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

"We appreciate the SBA low-interest disaster recovery loan program very much, yet there is a need for additional assistance to help people rebuild," said Governor McDonnell. "I encourage all Virginians, especially on this holiday season, to make a tax-deductible donation to the Virginia Disaster Relief Fund to help our fellow citizens get back on their feet."

The Virginia Disaster Relief Fund is a state-managed fund to financially aid Virginia residents impacted by disasters. Proceeds of the fund are distributed as grants to Local Disaster Recovery Groups. Grants also can be made to charities and faith-based organizations associated with the Virginia Voluntary Organizations Active in Disasters. To donate to the fund, visit https://payments.vi.virginia.gov/donatenow.