HAMPTON ROADS, Va. (WAVY) — The U.S. Small Business Administration (SBA) added more Virginia cities and counties impacted by Hurricane Matthew to their disaster declaration.
The cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk and Virginia Beach are eligible for both physical and economic injury disaster loans from the SBA.
Small businesses in Isle of Wight, James City County, Poquoson, Southampton and York County in Virginia as well as Camden, Currituck and Gates counties in North Carolina are able to apply only for SBA economic injury disaster loans.
The 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.
Business and private nonprofits may borrow up to $2 million for disaster damages and may be eligible for a loan increase up to 20 percent of their physical damages for mitigation purposes.
Disaster loans up to $200,000 are available to homeowners for 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.