RICHMOND, Va. (AP) — The federal government is making low-interest loans available to residents and business owners in parts of northern Virginia impacted by flooding in early July.
Gov. Ralph Northam’s office said in a statement that businesses and private nonprofit organizations may borrow up to $2 million through the U.S. Small Business Administration. The borrowed funds are meant to help repair or replace real estate, equipment and other assets damaged or destroyed in the July 8 flooding.
Loans of up to $200,000 are available to homeowners to repair or replace real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace personal property.
The administration will be opening outreach centers in Fairfax and Arlington counties this week to answer questions and help individuals complete their applications.