(Updated at 10:15 p.m.) If you are someone whose home or business was damaged in the July 8 flooding, Arlington has launched a temporary Local Recovery Center (LRC) to help get your life back together.
The center helps connect residents with a variety of resources — like senior services or a table detailing what to do if you find mold in your home — but the main feature of the LRC is the U.S. Small Business Administration (SBA), which is offering flexible, low-interest loans for those impacted by the floods.
The LRC is located on the second floor of the Arlington County Trades Center (2700 S. Taylor Street). The Center is scheduled to operate for the next week:
- Today-Thursday: 11 a.m.-8 p.m.
- Friday: 10 a.m.-6 p.m.
- Saturday: 9 a.m.-1 p.m.
- Monday: 11 a.m.-8 p.m. (SBA loan center only)
A similar center will operate in the Tysons-Pimmit Regional Library (7584 Leesburg Pike) in Fairfax County.
Locals who experienced flood damage in Arlington, Alexandria or Fairfax County may be eligible for SBA loans.
“Our qualifications are not as stringent [as a bank loan],” said Julie Garrett, a public affairs specialist for the SBA. “You must demonstrate that you can pay back the loan, but it’s very flexible.”
There are three categories of loans available:
- Business Physical Disaster Loans — These loans are for businesses to repair or replace disaster-damaged property, like merchandise and machinery, though the loans are also available for non-profit organizations. Businesses of any size can apply.
- Economic Injury Disaster Loans — These loans are aimed at helping small businesses or agricultural cooperatives make up for lost revenue from days that they were closed. Garrett said these can be especially important for mom-and-pop businesses that operate on monthly or quarterly cycles that may have difficulty paying their bills.
- Home Disaster Loans — These loans are for homeowners or renters to repair or replace flood-damaged homes or property, which can range from clothing to cars.
All applicants are required to have a credit history and must be able to show that they can repay all their loans. Garrett said there is no collateral required for loans under $25,000. If the loan is approved, Garrett said the applicants have 60 days to decide whether they want to accept it.
Many of those whose homes or businesses were impacted by flooding have already started work on repairing their property, and Garrett said loans can also be applied to damages paid for out-of-pocket. Those who have already paid to fix their damages are required to have receipts of their purchases and photos of the damage.
“We loan based on the amount of damage,” Garrett said. “Most insurance offers a depreciated value [for property], but we look at replacement value.”
The loans may also cover damages to fences, decks, garages, tree removal and property considered in the “immediate vicinity” of a house.
Aaron Miller, director of emergency management for Arlington County, said the County has received just over 1,000 reports of damages from people and businesses across Arlington. Garrett said only 26 individuals had applied for home disaster loans so far, but more are expected as people learn of and visit the LRC.
Applicants requesting a loan for physical damage are required to file by Oct. 7, while filings for economic injury have a deadline of May 7, 2020.
Meanwhile, Miller said the County is working through financing its own flood recovery — a process that could take months.
“We are continuing to go through assessments for public assistance,” Miller said. “That’s everything from emergency repairs to the longer recovery process.”