In response to a recent amended Presidential disaster declaration, the U.S. Small Business Administration (SBA) has made low-interest federal disaster loans available to private nonprofit (PNP) organizations in twenty additional counties in Virginia. These counties were affected by severe storms and flooding from February 10-18, 2025.
The newly designated counties under the amended declaration include Amelia, Appomattox, Bedford, Botetourt, Buckingham, Campbell, Charlotte, Cumberland, Giles, Halifax, Lunenburg, Montgomery, Nottoway, Page, Pittsylvania, Powhatan, Prince Edward, Rockingham, and Wythe.
Eligible PNPs, which provide non-critical governmental services and have suffered financial losses due to the disaster, can apply for physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Such organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
PNPs may borrow up to $2 million to repair or replace damaged or destroyed assets, such as real estate, machinery, equipment, and inventory. Additionally, applicants might qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes.
EIDLs are designated for working capital needs prompted by the disaster and are available even if no physical damage occurred. The loans can cover fixed debts, payroll, accounts payable, and other obligations that could not be paid due to the disaster circumstances.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery. These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Interest rates can be as low as 3.625%, with repayment terms extending up to 30 years. Neither interest accrual nor monthly payments begin until 12 months after the initial disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
Interested applicants can apply online at sba.gov/disaster or contact the SBA's Customer Service Center at (800) 659-2955. Applications for physical property damage must be submitted by June 3, 2025, while economic injury applications are due by January 5, 2026.
The U.S. Small Business Administration continues its commitment to aiding entrepreneurs and small business owners through a wide network of field offices and partnerships. Further details can be found at www.sba.gov.