SBA Boosts Recovery for Norton, VA Small Businesses After Tropical Stom Helene!

ATLANTA - The U.S. Small Business Administration (SBA) announced today that small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits organizations in the Independent City Norton, Virginia with economic losses due to Tropical Storm Helene that occurred Sept. 25 through Oct. 3, may now apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

"To serve the economic interests of the small business community, the SBA's working capital loans have an extended application timeframe of nine months from the disaster declaration, which enables businesses to assess their needs. However, we urge businesses to act now," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA.

SBA EIDL loans are available in following counties and independent cities: Amherst, Bedford, Bland, the Independent City of Bristol, Buchanan, Botetourt, Campbell, Craig, Carroll, the Independent City of Danville, Dickenson, Floyd, Franklin, the Independent City of Galax, Giles, Grayson, Halifax, Henry, Lee, the Independent City of Lynchburg, Montgomery, the Independent City of Norton, Patrick, Pittsylvania, Pulaski, the Independent City of Radford, Roanoke, Rockbridge, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe in Virginia; Bell, Harlan, Letcher, and Pike in Kentucky; Alleghany, Ashe, Caswell, Rockingham, and Surry in North Carolina; Claiborne, Hancock, Hawkins, Johnson and Sullivan in Tennessee; and McDowell, Mercer, Monroe, and Summers in West Virginia.

The SBA has established a Business Recovery Center (BRC) to assist businesses affected by the disaster. Customer Service Representatives at the BRC will assist business owners complete their disaster loan application, accept documents for existing applications, and provide updates on an application's status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center at appointment.sba.gov. The BRC will operate as indicated below until further notice.

Business Recovery Center (BRC)

Independent City of Galax

Crossroads Institute

1117 E Stuart Drive

Galax, VA 24333

Hours: Monday - Saturday, 8 a.m. to 6 p.m.

Closed: Sunday

Loan amounts can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, and terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.

On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is July 1, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]