BLUEFIELD, W.Va. (WVVA) – Virginia Governor Glenn Youngkin announced that disaster loans will be made available to certain small businesses in areas affected by Hurricane Helen.
Youngkin said in the announcement that the Virginia Small Business Finance Authority is partnering with the Tobacco Regional Revitalization Commission to provide disaster loans to farmers and small agriculture and forestry businesses in hard-hit counties in southwestern Virginia. said.
The program provides loans of up to $50,000 to help farmers and agriculture and forestry operators recover from the storm’s impacts, from loss of income to repairing or replacing damaged equipment.
“Virginia’s farmers and forestry professionals are the backbone of our economy, and their resiliency will always be a testament to the strength of our Commonwealth,” said Governor Glenn Youngkin. “Through the Agricultural Disaster Microfinance Program, we are ensuring these critical industries have the resources they need to rebuild. , an important step in our ongoing efforts to revitalize.”
The Agricultural Disaster Microloan Program provides loans ranging from $5,000 to $50,000 to cover a variety of disaster-related needs, including equipment repairs, temporary loss of income, and other expenses directly caused by Hurricane Helen. provide financing. Loans are available at a fixed interest rate of 2.5%, with a reduced interest rate of 1.5% for veteran-owned businesses. It also features flexible terms of up to 36 months, including interest-free periods of up to 90 days and single interest periods. Payment loan options up to 120 days.
No fees required. All eligible applicants must have good credit, be in good standing with the National Corporation Commission, and have established a business before October 1, 2022. Funds are allocated on a first-come, first-served basis and must meet the following conditions: It can be used for approved purposes such as repairs, equipment replacement, and temporary loss of revenue, but not debt refinancing, real estate, or passive investments.
Applications for the Agricultural Disaster Microloan Program will be accepted until December 31, 2024. To apply, please visit the VSBFA website for more information on eligibility and application guidelines or contact VSBFA directly at https://sbsd.virginia.gov/disasterrelief/. Call us at (804) 786-1049.
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