RICHMOND, Virginia — Small businesses, agriculture cooperatives and nonprofit organizations in eight Southside Virginia localities are eligible for federal disaster loans as a result of recent flooding.
The U.S. Small Business Administration says the loans are available in Brunswick, Greensville, Halifax, Mecklenburg, Pittsylvania and Southampton counties, as well as the cities of Danville and Suffolk.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years. Loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Online application: https://disasterloan.sba.gov/ela .