Farming and agricultural businesses in Virginia affected by the August drought are eligible for federal loans to help recover their economic losses.
The Small Business Administration announced that small businesses, including agricultural cooperatives, aquaculture businesses, nurseries and most private nonprofits, can apply to receive Economic Injury Disaster Loans.
The areas listed in the announcement include Hanover, King William and New Kent counties. Other localities include Caroline, Essex, Gloucester, James City, King George, King and Queen, Lancaster, Middlesex, Richmond County and Westmoreland.
The program is available to farming and non-farming institutions directly impacted by the drought, with eligibility determined by the applicant’s size, type of activity and financial resources.
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“Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sanchez, Jr., associate administrator at SBA’s Office of Disaster Recovery & Resilience, in a statement. “These loans help sustain rural economies when a disaster occurs.”
A disaster loan can total up to $2 million depending on the financial condition of the business. Interest rates for small businesses are marked at 4%, while private nonprofit rates stand at 2.375%.
Loan terms go up to 30 years with no accrued interest. Payments are due 12 months after the first loan disbursement. According to the SBA, the loans are intended to pay fixed debts, payroll, accounts payable and other bills, not to replace lost sales or profits.
Agricultural producers, farmers and ranchers are not eligible for SBA disaster loans, with the exception of aquaculture enterprises.
Businesses have until Aug. 12 to submit applications at sba.gov/disaster. They can also call (800) 659-2955 or email disastercustomerservice@sba.gov for more information.
PHOTOS: Ice on the James River over the past 70 years
Jan. 26, 1948: “Coating of ice transforms James River from muddied trickle of last fall to winter wonderland.”
Jan. 30, 1948
Feb. 2, 1948: “Rocks in James peek from under snow in shot looking west from Lee Bridge.”
Feb. 18, 1958: “Ice piles up in the James River in Richmond below 14th St. Bridge.”
Feb. 18, 1958
Feb. 18, 1958.
Jan. 2, 1963: “Norfolk tug Farrington attempts to reach barge stranded in James River ice here.”
Jan. 30, 1963: “James River ice, whipped into a mushy mass, is backed up at Vepco locks at end of Seventh St.
Picture was made from center of locks. Ice extends west for about a half mile.”
Dec. 19, 1963: “Small boats along the James River are surrounded by ice formed by the subfreezing temperatures that have hung over the state for several days.”
Feb. 4, 1966: “Coast Guard cutter, used to free barges, begins trip down opened James River.”
Feb. 3, 1966: “Solid coat of ice covers James above the opened upper terminal area.”
Jan. 19, 1977: “Although it developed boiler troubles after leaving Norfolk early yesterday, the Coast Guard cutter Red Birch persevered against the ice which covered much of the James River at Deepwater Terminal. Among its other ice-cutting duties yesterday, the Red Birch crew cleared a channel and freed the Danish ship shown here off her starboard side. The terminal’s tug, which normally is used to keep the channel clear of ice, is in Norfolk undergoing repairs.”
Jan. 24, 1977: “Ice on the James River forms a solid if slippery path to the dock at which berthed reproductions of the three ships that first brought colonists to Virginia. Jamestown Festival Park is just one of a number of areas affected by the recent spell of freezing temperatures. Seemingly endless amounts of ice have been reported throughout Virginia, from the Potomac River, southward to Buggs Island Lake on the Virginia-North Carolina border.”
Feb. 9, 1979: “Bitter cold put a topping of ice over the James River yesterday as in this scene near the Huguenot Bridge.”
Dec. 29, 1989: “A tugboat plowed through the icy James River east of Richmond on Thursday.”
Ice jammed James River taken from the Huguenot Woods area of the James River System Monday, Jan. 20, 1997. The Bridge in background is the Huguenot Bridge.
Jan. 24, 2003: James River is building up ice at the fall line. Ice is backing up just below Richmond as seem from the south side of the river at Ancarrow’s Landing.
The ice-swollen James River carried with it a marina escapee just south of the Intermediate Terminal early Tues., Jan. 27, 2004. Streaks of blue paint on the ice behind it may indicate that someone had tried to rescue the boat with its broken mast and collapsed rigging.
The James River was frozen over in Richmond, VA Thursday, Jan. 30, 2014, as the temperature dipped into the single digits overnight.
The ice-covered James River in Richmond, VA Tuesday, Feb. 24, 2015. Photographed from the Intermediate Terminal.
The subfreezing temperatures in the region have frozen over the James River through the city. This view is from the Intermediate Terminal looking west on Monday, January 25, 2016.
Ice surrounds birds resting in the James River on Saturday Jan. 6, 2018.
A boat sinks in the James River at Rocketts Landing, Jan. 9, 2018.
Undated photo details the jagged ice near the shore of the James River.
