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The U.S. Small Business Administration (SBA) will offer low-interest loans for residents and business owners in Fairfax and Arlington counties and the cities of Alexandria and Falls Church who were affected by flooding during the major July 8 storm, Gov. Northam announced Aug. 8.

“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,” Northam said in a media statement. “We will continue working in close coordination with the affected communities to support their recovery.”

Businesses and private non-profit groups may receive SBA loans of up to $2 million to replace or repair real estate, machinery, equipment, inventory and other business assets damaged or destroyed  by the storm.

Even if they did not suffer physical property damage during the storm, the SBA will offer Economic Injury Disaster Loans to help small businesses, small agricultural cooperatives, small aquaculture companies and most private non-profits meet their working-capital needs in the aftermath, officials said.

Homeowners are eligible for SBA loans of up to $200,000 to repair or replace real estate damaged or destroyed by the storm and loans of up to $40,000 for the repair or replacement of damaged or destroyed personal property.

“I’m very pleased that the disaster area was declared and residents whose properties were damaged will have access to low-interest federal loans,” said Supervisor John Foust (D-Dranesville). “It’s important to know the county has waived any permit fees that might apply to their reconstruction efforts.”

The SBA may increase loans buy up to 20 percent if officials verify the extent of physical damages. Agency officials also may support efforts by applicants to build storm shelters or safe rooms to protect against damage from a similar natural disaster in the future.

SBA officials will set the loans’ terms and amounts based on applicants’ financial conditions. The agency will offer loans with terms of up to 30 years and interest rates as low as 1.938 percent for renters and homeowners, 2.75 percent for non-profits and 4 percent for businesses.

“We know these SBA loans will make a difference for residents and local business owners in Fairfax, Falls Church, Arlington, and Alexandria,” Virginia Secretary of Public Safety and Homeland Security Brian Moran said in a press statement.

The SBA will offer a Disaster Loan Outreach Center at Tysons-Pimmit Regional Library, 7584 Leesburg Pike in the Falls Church area, on the following dates:

• Aug. 13, 14, 15 and 19 from 11 a.m. to 8 p.m.

• Aug. 16 from 10 a.m. to 6 p.m.

• Aug. 17 from 1 to 5 p.m.

The SBA also will offer a Disaster Loan Outreach Center at the Arlington County Trades Center, 2700 South Taylor St. in the Parks and Natural Resources Conference Center, on these days:

• Aug. 13, 14, 15 and 19 from 11 a.m. to 8 p.m.

• Aug. 16 from 10 a.m. to 6 p.m.

• Aug. 17 from 9 a.m. to 1 p.m.

Both the Fairfax and Arlington loan centers will be closed on Sunday, Aug. 18.

SBA officials will be available to answer questions about the agency’s disaster-loan programs and help applicants fill out the necessary forms. Residents and businesses also may apply for loans online at SBA’s secure Website, disasterloan.sba.gov.

Applicants must file by Oct. 7 this year for loans regarding physical property damage and by May 7, 2020, for loans pertaining to economic injury.

Filled-out applications should be returned to one of the Disaster Loan Outreach Centers or mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.

For more information and to obtain loan applications, call the SBA’s Customer Service Center at (800) 659-2955 (800-877-8339 for the deaf and hard-of-hearing), or e-mail disastercustomerservice@sba.gov. Businesses and residents also may download applications at www.sba.gov.

Fairfax County officials still are seeking other forms of disaster aid following the massive storm, which dumped an estimated 5.2 inches of rain in hard-hit McLean in less than 90 minutes. The Virginia Department of Transportation said the storm caused $6 million worth of damage to local roads, including $4 million that will be necessary to rebuild Kirby Road in McLean.

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