Business owners who suffered economic losses from flooding and high winds last fall during Hurricane Helene have until July 1st to apply for assistance from the U.S. Small Business Administration (SBA).
The SBA offers loans up to $2 million to small businesses and private non-profits in any of the 29 counties and six cities in Virginia that were included in the major disaster declaration from Helene: Amherst, Bedford, Bland, Botetourt, Buchanan, Campbell, Carroll, Craig, Dickenson, Floyd, Franklin, Giles, Grayson, Halifax, Henry, Lee, Montgomery, Patrick, Pittsylvania, Pulaski, Roanoke County, Rockbridge, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe, as well as Bristol, Danville, Galax, Lynchburg, Norton and Radford.
The funds can be used to cover economic losses from the disaster, even if the business did not suffer any physical damage. Four counties in West Virginia are also included in the disaster declaration.
SBA loans have interest rates of 4 percent for small businesses, and a bit lower for non-profits. The SBA says payments are not due until 12 months after the first loan disbursement.
These loans are not available to pay farmers—that assistance is handled through the U.S. Department of Agriculture, though the deadline to apply has already passed for farmers affected by Helene.
Assistance for residents comes from the Federal Emergency Management Agency. FEMA said as of January 22 they have approved more than $2 million for homeowners and renters in Virginia who suffered losses during Helene and had 3,633 applications. The deadline to apply for individual assistance through FEMA ended in December 2024.
You can learn more about SBA loans here.
