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Drought leads to disaster loans throughout Central Virginia [Video]

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Small Business Funding

The U.S. Small Business Administration (SBA) recently announced federal Economic Injury Disaster Loans are available in Virginia for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations with economic losses due to drought.

The declaration includes Albemarle, Amherst, Nelson and Rockbridge counties, and other nearby areas including Appomattox, Bedford and Campbell counties, and the city of Lynchburg.

“Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” Francisco Sanchez Jr., associate administrator of SBA’s Office of Disaster Recovery & Resilience, said in a news release. “These loans help sustain rural economies when a disaster occurs.”

Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, …

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