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Small businesses in Virginia can now apply for federal disaster loans

The U.S. Small Business Administration will offer low-interest federal disaster loans to small businesses in Virginia that are suffering financially due to COVID-19.

RICHMOND, Va. — Small businesses in Virginia can now get federal disaster loans under the approval of the U.S. Small Business Administration.

These loans are low-interest federal disaster, working capital loans of up to $2 million. Businesses who have been impacted financially from the coronavirus outbreak qualify.

Eligibility is based on the degree of the financial impact. The interest rate is 3.75 percent for small businesses and 2.75 percent for private, non-profit organizations.

The administration does offer long-term repayments (up to a maximum of 30 years) in order to keep payments affordable. This kind of repayment plan is available to businesses without the financial ability to offset the adverse impact without hardship.

Applicants can apply online and receive additional information by clicking here.

You can also call SBA's Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information.

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