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SBA Working Capital Loans Available in Virginia

Following Secretary of Agriculture Disaster Declaration for Hurricane Matthew, Drought and Excessive Heat in 2016

ATLANTA - The U.S. Small Business Administration (SBA) announced today that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Virginia as a result of Hurricane Matthew, drought and excessive heat from June 29 through Oct. 7, 2016.

The SBA’s disaster declaration includes the following counties and independent cities: Brunswick, Dinwiddie, Emporia City, Greensville, Southampton and Sussex in Virginia.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible

farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.     

 The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.  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.  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 loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from the SBA’s website at www.sba.gov/disaster.  Completed applications should be mailed to:          U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

Completed loan applications must be returned to SBA no later than Dec. 12, 2017.

 

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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.

SBA Administrator Honors Nation’s Top Small Businesses

Winners to be formally recognized in Washington, D.C. on April 30 – May 1

RICHMOND– Administrator Linda McMahon, the head of the U.S. Small Business Administration, announces Corliss Udoema, President and CEO of Contract Solutions, Inc.  

“It is my honor and distinct pleasure to announce the 54 winners from across the U.S. and its territories,” McMahon said. “These small business owners define entrepreneurial spirit and best represent the 28 million small businesses that are the backbone and economic engine for today’s economy. I look forward to welcoming the winners to Washington next month when they are officially honored for their achievements.”

Contract Solutions, Inc. is 8(a) and economically-disadvantaged women-owned small business that provides professional support services to a wide array of federal and state government agencies and private sector clients. 

All of the winners have been invited to attend ceremonies in Washington, D.C on April 30 – May 1 where they will be honored with their individual award along with recognition of the three runners-up and the naming of the 2017 National Small Business Person of the Year. 

Each year since 1963, the president has issued a proclamation calling for the celebration of National Small Business Week.  National Small Business Week is set as the first week in May, and this year the dates are April 30 – May 6 with national events planned in Washington, D.C., New York City, Indianapolis, Dallas and Fresno, Calif.

2017 SBA Small Business Week Awards Nomination Period Closes January 10, 2017

Richmond, VA – The U.S. Small Business Administration’s Richmond District Director, Carl Knoblock, reminds Virginia small businesses the nomination period for the 2017 National and District Small Business Week Awards closes Tue., Jan. 10, 2017.

Since 1963, National Small Business Week has recognized the outstanding achievements of America’s small businesses for their contributions to their local communities, and to our nation’s economy. National Small Business Week is celebrated April 30 – May 6, 2017.

National awards include the annual Small Business Person of the Year. The dedicated website www.sba.gov/nsbw/awards, provides forms, criteria and guidelines for submitting a national nomination.

The Richmond District Office is also accepting nominations for its 2017 District Level Virginia Small Business Week Awards, those categories include: VA Small Business Person of the Year, VA Prime Contractor of the Year, VA 8(a) Graduate of the Year and VA Young Entrepreneur. More information on the district awards please click here.  

All nominations must be submitted no later than Tue., Jan. 10, 2017.  SBA will no longer be using the Small Business Week online portal. All nomination packages may only be hand delivered or mailed to the SBA Richmond District Office at 400 N 8th Street, Suite 1150 Richmond, VA 23219. Email submissions of SBA Awards forms will not be accepted as they contain personally identifiable information (PII). 

Questions regarding the awards can be directed to Monet Chapman at monet.chapman@sba.gov or 804-253-8133.

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