RICHMOND, Va. – 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.
Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. PHOTO: AP
