Disaster loans available for flood victims

Disaster loans available for flood victims
A flooded garage from the July 8 storm. (Photo credit: Carole Goeas)

By Heather Hartzell | hhartzell@gmail.com 

The U.S. Small Business Association is offering low-interest disaster loans to qualifying residents and business owners affected by the July 8 storms and flooding, according to a news release.

Homeowners may be eligible to receive loans of up to $200,000 for damaged real estate, according to the release. Homeowners and renters may be eligible to receive up to $40,000 to repair or replace personal property.

Loans of up to $2 million are available for businesses and private nonprofit organizations to replace or repair damaged real estate, machinery or equipment.

Interest rates on the loans, with terms up to 30 years, could be as low as four percent for businesses, 2.75 percent for nonprofits and 1.983 percent for homeowners and renters, according to the release.

The SBA has opened temporary disaster loan outreach centers to offer assistance to those completing applications. The centers are located at the Arlington County Trades Center Parks and Natural Resources Operations Building at 2700 S. Taylor St. and the Tysons-Pimmit Regional Library at 7584 Leesburg Pike.

The centers will be open from Aug. 13 to 19, according to the release. The deadline to file applications for property damage is Oct. 7.