Virginia officials on Tuesday announced that low-interest loans will be available to small agriculture and forestry businesses in certain localities impacted by the remnants of Hurricane Helene.
The Agricultural Disaster Microloan Program will offer loans from $5,000 to $50,000 at a 2.5% fixed interest rate, or 1.5% for veteran-owned businesses, at terms up to 36 months. The money can be used for repairs, replacing equipment, and covering temporary revenue loss, but not for debt refinancing, real estate or passive investments, the governor’s office said in a news release.
Loans will be available to eligible businesses in the cities of Bristol, Covington, Danville, Galax, Norton, Radford and Roanoke and the counties of Appomattox, Albemarle, Bedford, Bland, Botetourt, Buchanan, Buckingham, Carroll, Charlotte, Craig, Dickenson, Floyd, Lee, Giles, Grayson, Greene, Madison, Montgomery, Nelson, Patrick, Pittsylvania, Pulaski, Russell, Scott, Smyth, Tazewell, Washington, Wise and Wythe.
Applications will be accepted through Dec. 31, and loans will be allocated on a first-come, first-serve basis. More information is available from the Virginia Small Business Financial Authority’s website or by calling (804) 786-1049.
“Our producers are the foundation of our communities and we need to do everything we can so they can get back to doing what they do best: helping our communities grow and thrive,” Del. Will Morefield, R-Tazewell County and vice chair of the state’s Tobacco Region Revitalization Commission, said in a news release from Gov. Glenn Youngkin’s office.
The tobacco commission is providing $5 million of the $6 million loan fund while the Virginia Small Business Finance Authority is providing the other $1 million.
When Helene hit Virginia on Sept. 27, it caused more than $159 million in damage to the commonwealth’s agriculture, according to the Virginia Cooperative Extension. Grayson County saw the largest losses of any one locality at $61 million.
“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,” Youngkin said. “Through the Agricultural Disaster Microloan Program, we’re ensuring that these vital industries have the resources they need to rebuild. This program is a crucial step in our ongoing efforts to restore and revitalize the communities hardest hit by Hurricane Helene.”
