(The Center Square) — Virginia agricultural and forestry small businesses impacted by Hurricane Helene now have another place to turn for help.
Individuals and state and local governments in federally designated disaster zones can already apply to the Federal Emergency Management Agency for assistance, as the president approved a Major Disaster Declaration for the commonwealth within a week of the storm.
Farmers and agricultural and forestry small businesses in the same cities and counties can apply for loans through the Agricultural Disaster Microloan Program, established by the Virginia Small Business Finance Authority and the Tobacco Region Revitalization Commission and announced Tuesday.
“I’ve seen firsthand the impact Hurricane Helene had on our farming and forestry community,” said Del. Will Morefield, R-Tazewell, vice-chair of the commission. “For many, recovery will take years but I am proud the Tobacco commission is able to stand by them in this time of need by providing these loans to help them get back on their feet.”
The loan fund contains $6 million for businesses’ Helene recovery efforts, with $5 million supplied by the commission and $1 million provided by the authority. The $5 million is available through microloans from $5,000 to $50,000 at a fixed interest rate of 2.5% (1.5% for veteran-owned businesses) to any agricultural or forestry small business owner within a Virginia disaster-designated city or county that is also in the commission’s region; the $ 1 million, to any eligible applicant in any Virginia disaster-designated city or county. Eligible applicants must meet credit benchmarks, have started their business before Oct. 1, 2022, and be in good standing with the State Corporation Commission.
Applicants must apply by the end of the year to qualify for a program microloan, which is awarded on a first-come, first-served basis.
“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 Gov. Glenn Youngkin in a statement. “We’re ensuring that these vital industries have the resources they need to rebuild.”
