SBA opens Hurricane Matthew business recovery center in Virginia

The U.S. Small Business Administration (SBA) announced today, Nov. 7, the opening of a Business Recovery Center (BRC) in Virginia Beach City to help businesses impacted by Hurricane Matthew that began on Oct. 7, 2016.

SBA representatives at the Business Recovery Center (BRC) in Virginia Beach City can provide information about disaster loans, answer questions and help businesses in completing the SBA application.  The Center is located as indicated below and will operate until further notice:

Virginia Beach City
Virginia Beach Economic Development
4525 Main Street, Suite 700
Virginia Beach, VA 23462

Opening: Monday, Nov. 7 at noon
Days: Monday through Friday, 8 a.m. – 5 p.m.
Closed: Saturdays and Sundays  

The disaster declaration covers the independent cities of Chesapeake City, Newport News City, Norfolk City and Virginia Beach City in Virginia which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent county and independent cities are eligible to apply only for SBA Economic Injury Disaster Loans: Hampton City, James City, Portsmouth City, Suffolk City and York in Virginia; and Camden and Currituck counties in North Carolina.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, 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 the business suffered any physical property damage.

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Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate.  Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations, and 1.563 percent for homeowners and renters with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.

To be considered for all forms of disaster assistance, applicants should register online at http://www.DisasterAssistance.gov or by mobile device at m.fema.gov.  If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to .(JavaScript must be enabled to view this email address). 

The filing deadline to return applications for physical property damage is Jan. 3, 2017.  The deadline to return economic injury applications is Aug. 2, 2017.