RICHMOND, Va. (WDBJ/News Release from Office of the Governor) – Governor Glenn Youngkin announced the Virginia Small Business Finance Authorityin partnership with the Tobacco Region Revitalization Commissionwill provide disaster loans to farmers and small agricultural and forestry businesses in counties affected by Hurricane Helene in southwest Virginia.

THE Agricultural Disaster Microcredit Program will provide financial assistance to Virginia small businesses affected by Hurricane Helene, according to Youngkin. The program provides loans of up to $50,000 to help farmers and agricultural and forestry business owners recover from the effects of the storm, from loss of income to repair and replacement of damaged equipment.

The $6 million loan fund will be available to any small business in the agriculture and forestry sectors in the counties and cities of Appomattox, Albemarle, Bedford, Bland, Botetourt, City of Bristol, Buchanan, Buckingham, Carroll, Charlotte, City of Covington. , Craig, City of Danville, Dickenson, Floyd, City of Galax, Lee, Giles, Grayson, Greene, Madison, Montgomery, Nelson, City of Norton, Patrick, Pittsylvania, Pulaski, City of Radford, City of Roanoke, Russell, Scott , Smyth, Tazewell, Washington, Wise and Wythe.

Applications for the Agricultural Disaster Microloan program will be accepted through December 31, 2024. To apply and for more information on eligibility and application guidelines, visit the VSBFA website or contact VSBFA directly at sbsd.virginia.gov/disasterrelief/ or by calling (804) 786-1049.

According to the governor’s office:

The program provides loans ranging from $5,000 to $50,000 to cover a variety of disaster-related needs, including equipment repairs, temporary loss of income and other expenses directly resulting from Hurricane Helene. Loans are available with a fixed interest rate of 2.5%, with a reduced rate of 1.5% for veteran-owned businesses, and feature flexible terms of up to 36 months, including a interest-only period of up to 90 days or a single period. pay loan option up to 120 days. No fees are required and all eligible applicants must have satisfactory credit, be in good standing with the State Corporation Commission, and have established their business by October 1, 2022. Funds are allocated on a first-come basis , first served and must be used for approved purposes, which include repairs, equipment replacement and temporary loss of income, while debt refinancing, real estate and passive investments are not eligible.

The program is funded by $5 million from the Tobacco Region Revitalization Commission (TRRC) and $1 million from the Virginia Small Business Finance Authority (VSBFA), available through an active memorandum of understanding between the two entities. TRRC funds are available exclusively to businesses located in Commission-designated communities and operating within a disaster-designated county or city in Virginia, while VSBFA funds are open to eligible businesses outside the Commission region. Tobacco commission in a disaster-designated county or city in Virginia..

“Virginia’s farmers and forestry professionals are the backbone of our economy, and their resilience has always been a testament to the strength of our Commonwealth,” said Governor Youngkin. “Through the Agricultural Disaster Microcredit Program, we are ensuring these vital industries have the resources they need to rebuild. This program is a critical step in our ongoing efforts to restore and revitalize the communities hardest hit by Hurricane Helene.

“Virginia’s agriculture and forestry businesses provide a critical foundation for local communities and our overall economy throughout southwest Virginia,” said Secretary of Agriculture and Forestry Matthew Lohr. “With this microcredit program, we offer small loans to farmers facing the extraordinary challenges caused by Hurricane Helene. This initiative underscores our commitment to helping Virginia’s agriculture and forestry sectors not only survive, but rebuild stronger than ever.

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