Virginia nonprofits added to disaster loan list

10/3/2011

Nonprofit organizations in a vast array of Virginia cities and counties are now eligible for Small Business Administration Disaster Loans to repair damage caused by Hurricane Irene, Virginia Business reports.

These businesses have until November 2 to apply for SBA loans and may borrow up to $2 million for repairs to damaged real estate, machinery, equipment, inventory and other assets.

The nonprofits must not provide "critical services of governmental nature" to be eligible. These types of companies include food kitchens, homeless shelters, museums, libraries, community centers and colleges.

Internet rates for the loans can be as low as 3 percent for up to 30 years.

In addition, the SBA will offer mitigation funds as a precaution to pay for protective measures that will prevent or minimize costly damage from future natural disasters.

Ongoing operating expenses can also be addressed through the SBA's Economic Injury Disaster Loan, to help assist with working capital expenses.

Eligible cities include but are not limited to Richmond City, Richmond, Southampton, Suffolk City, Surry, Sussex, Virginia Beach City, Westmoreland, Williamsburg City, York, Charles City, Chesterfield, Chesapeake City, Colonial Heights City and Dinwiddie.