VIRGINIA BEACH, Va. (WAVY) — The U.S. Small Business Administration (SBA) is setting up a business recovery center in Virginia Beach to help businesses impacted by Hurricane Matthew.
SBA representatives at the recovery center can provide information about disaster loans, answer questions and help businesses complete the SBA application. It will be located at the Virginia Beach Economic Development, 4525 Main Street, Suite 700. The center will be open Monday through Friday from 8 a.m. to 5 p.m. It will be closed Saturdays and Sundays.
Chesapeake, Newport News, Norfolk and Virginia Beach are eligible for both physical and economic injury disaster loans from the SBA.
Business and private nonprofits may borrow up to $2 million to repair or replace disaster damaged or destroyed property, machinery and equipment, inventory, and other business assets.
Small businesses and most private, nonprofit organizations in the following localities are eligible to apply only for SBA economic injury disaster loans: Hampton, James City County, Portsmouth, Suffolk, York County and Camden and Currituck counties in North Carolina.
SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Economic injury disaster loan assistance is available regardless of whether or not the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Applicants may apply online through the SBA’s secure website at https://disasterloan.sba.gov/ela.