Loan Center for Local Flooding Victims Opens at Tysons-Pimmit Library

Starting today, residents and business owners can head to the Tysons-Pimmit Regional Library to seek low-interest loans to help pay for flood damage repairs.

Dranesville District Supervisor John Foust shared in a newsletter to constituents Monday (Aug. 12) information about two loan centers — Tysons-Pimmit Regional Library (7584 Leesburg Pike) and the Arlington County Trades Center (2700 S. Taylor Street).

Gov. Ralph Northam announced last Thursday (Aug. 8) that the U.S. Small Business Administration (SBA) will offer low-interest federal loans to people affected by the July 8 flooding in the City of Falls Church, along with Fairfax and Arlington counties and the City of Alexandria.

Businesses and private nonprofit organizations may borrow up to $2 million, while homeowners may borrow up to $200,000 for damaged or destroyed real estate and up to $40,000 for personal property.

“In addition, the County has waived any permit fees that might apply to reconstruction efforts,” Foust wrote.

More from the newsletter:

The SBA may increase loans by up to 20 percent if officials verify the extent of physical damages. Agency officials also may support efforts by applicants to build storm shelters or safe rooms to protect against damage from a similar natural disaster in the future.

SBA officials will set the loans’ terms and amounts based on applicants’ financial conditions. The agency will offer loans with terms of up to 30 years and interest rates as low as 1.938 percent for renters and homeowners, 2.75 percent for non-profits, and 4 percent for businesses.

The loan center at the Tysons-Pimmit library will be open:

• Tuesday-Thursday, Aug. 13-15: 11 a.m.-8 p.m.
• Friday, Aug. 16: 10 a.m.-6 p.m.
• Saturday, Aug. 17: 1-5 p.m.
• Monday, Aug. 19: 11 a.m.-8 p.m.

The loan center in Arlington will be open the same days and times, except for different hours on Saturday, Aug. 17, from 9 a.m.-1 p.m. Both centers will be closed on Sunday, Aug. 18.

“SBA officials will be available to answer questions about the agency’s disaster-loan programs and help applicants fill out the necessary forms,” Foust wrote in the newsletter.

Residents have until Oct. 7 to request a loan to cover physical property damage, while businesses have until May 7, 2020, to request a loan for economic injury.

Photo via Fairfax County