Disaster Loans Available After July 8 Flooding In Arlington

ARLINGTON, VA — The Small Business Administration is making disaster loans available to those impacted by July 8 flooding damages, Virginia Gov. Ralph Northam's office announced Thursday. Residents, businesses and nonprofits in Arlington County, Fairfax County, Alexandria and Falls Church are eligible for the low-interest federal loans.

The federal government approved a disaster declaration in order for the loans to become available. Arlington residents were previously asked to report flooding damages to determine eligiblity for disaster relief. According to the city, the storm caused damages to homes, businesses, public facilities and roads.

"Substantial flooding last month caused extensive damage to many homes and businesses in Northern Virginia," said Northam in a statement. "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."

Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Homeowners can borrow up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters can borrow up to $40,000 for fixing or replacing destroyed personal property.

The Small Business Administration will decide on loan amounts and terms based on each applicant's financial status. Interest rates start at 1.938 percent for homeowners and renters, 2.75 percent for nonprofits and 4 percent for businesses. Terms can go up to 30 years.

Applicants may be eligible for a loan amount up to 20 percent higher of verified physical damages for mitigation of future disaster events. This could include a safe room or storm shelter to protect residents and their property from similar disasters.

You can apply for the loans online or at the disaster loan outreach centers opening in the coming days. Small Business Administration staff will be on hand to help with applications. The two centers will be at Arlington County Trades Center (Parks and Natural Resources Conference Center, 2700 South Taylor Street Arlington, Virginia 22206) and Tysons-Pimmit Regional Library (7584 Leesburg Pike, Falls Church, Virginia 22043.) Any residents or business owners in Arlington County, Fairfax County, Alexandria and Falls Church can visit the centers.

Here are the hours for the centers:

Arlington County Trades Center

• Tuesday, Aug. 13: 11 a.m.-8 p.m.
• Wednesday, Aug. 14: 11 a.m.-8 p.m.
• Thursday, Aug. 15: 11 a.m.-8 p.m.
• Friday, Aug. 16: 10 a.m.-6 p.m.
• Saturday, Aug. 17: 9 a.m.-1 p.m.
• Sunday, Aug. 18: closed
• Monday, Aug. 19: 11 a.m.-8 p.m.

Tysons-Pimmit Regional Library

• Tuesday, Aug. 13: 11 a.m.-8 p.m.
• Wednesday, Aug. 14: 11 a.m.-8 p.m.
• Thursday, Aug. 15: 11 a.m.-8 p.m.
• Friday, Aug. 16: 10 a.m.-6 p.m.
• Saturday, Aug. 17: 1 p.m.-5 p.m.
• Sunday, Aug. 18: closed
• Monday, Aug. 19: 11 a.m.-8 p.m.

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