There's help available for homeowners and small businesses that were damaged by flooding and storms on July 8.
Rain fell at record-setting rates that morning, snarling commutes and resulting in flash flooding throughout parts of Alexandria and Northern Virginia.
The U.S. Small Business Association (SBA) is providing low-interest disaster loans to qualifying Alexandria residents and business owners.
Homeowners may be eligible to receive loans of up to $200,000 to repair or replace damaged or destroyed real estate, and homeowners and renters may be eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Loans of up to $2 million are available for businesses and private nonprofit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Interest rates for loans with terms up to 30 years are as low as 4% for businesses, 2.75% for nonprofit organizations, and 1.938% for homeowners and renters. Loan amounts and terms are set by the SBA and are based on each applicant's financial situation.
Starting Aug. 13, the SBA will open temporary Disaster Loan Outreach Centers in the area to answer questions about the program and help individuals complete their applications. Residents and business owners may visit any loan outreach center or apply online using the SBA's secure website.
The filing deadline for applications is October 7, 2019.
For more information, including other locations and operating hours of the Disaster Loan Outreach Centers, visit alexandriava.gov/Flooding.
