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New Loan Program Launched for Farms and Agricultural Businesses in Southwest Virginia Affected by Helene

Press Release: Disaster Loans Available for Farmers Affected by Hurricane Helene in Southwest Virginia

In response to the aftermath of Hurricane Helene, the Virginia Small Business Finance Authority (VSBFA), in collaboration with the Tobacco Region Revitalization Commission (TRRC), has announced the launch of the Agricultural Disaster Microloan Program. This initiative, highlighted by Governor Glenn Youngkin’s office, aims to provide much-needed financial support to farmers and small businesses in agriculture and forestry sectors impacted by the hurricane.

The program will offer loans of up to $50,000, enabling businesses to address various disaster-related challenges, including revenue loss and equipment repair or replacement. A total of $6 million is allocated for this purpose, specifically targeting small businesses located within designated counties in Southwest Virginia, including Appomattox, Albemarle, and others, as well as the cities of Bristol, Danville, and Roanoke.

Joe Shearin, Director of the VSBFA, emphasized their mission to empower small business owners in recovery. "By partnering with the TRRC, we are expanding access to vital resources in Southwest and Southside regions of Virginia," he stated.

The microloan program features a competitive fixed interest rate of 2.5%, reduced to 1.5% for veteran-owned enterprises. Loan terms extend up to 36 months, with allowances for a 90-day interest-only period. Importantly, there are no application fees, although applicants must meet eligibility criteria including good credit standing and business establishment prior to October 1, 2022.

Applications for the loans will be considered on a first-come, first-served basis until December 31. Interested parties are encouraged to visit the VSBFA website or contact the organization for detailed eligibility information and application guidelines.

In times of need, this initiative stands as a pivotal lifeline for farmers and businesses striving to rebuild and recover in the wake of disaster.

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