Loan relief available for Virginians hit by Tropical Storm Ernesto

[CaroleG]

The federal Small Business Administration will offer low-interest loans to Virginians who suffered losses from Tropical Storm Ernesto.

The agency yesterday opened an office in the A.V. Norrell School Annex to process loans for residents of the Battery Park area. Loans are available for those in the counties of Gloucester and Northumberland and the cities of Richmond, Hampton and Newport News.

The decision, in response to a request from Gov. Timothy M. Kaine, makes people in adjacent counties eligible for loans, too.

Interest rates for homeowners and renters range from 3.125 percent to 6.25 percent, while businesses and nonprofit organizations can borrow at rates ranging from 4 percent to 7.934 percent.


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