The federal Small Business Administration is making low-interest disaster loans available to local homeowners, businesses and private, non-profit organizations to help recover from major damage caused by February’s winter storms and subsequent flooding.
The SBA will open a disaster loan outreach center at the Wise County Sheriff’s Office today, May 1, and keep it open until Friday, May 8. Hours will be 9 a.m. to 6 p.m. on weekdays and 9 a.m. to 1 p.m. on Saturdays. The sheriff’s office is at 5605 Patriot Drive, Wise.
“More than 25 homes and businesses in Wise County were damaged by the severe winter storms and flooding, and the low-interest disaster recovery loans could assist many as they rebuild,” said Gov. Terry McAuliffe, who requested the funds, according to a press release.
Although the SBA request is approved for Wise County, people in Norton and the counties of Dickenson, Russell Scott and Lee also are eligible to apply for these loans.
Loans up to $200,000 are available to homeowners to help repair or restore their primary home to its pre-disaster condition. Personal property loans are also available to provide homeowners or renters with up to $40,000 to help repair or replace personal property, such as clothing, furniture and automobiles lost in the disaster.
Other assistance may be available to homeowners who do not qualify for loan assistance.
In addition, businesses suffering damage could receive loans of up to $2 million to help repair or replace damaged property and provide working capital for economic injury.