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U.S. SBA approves disaster loans for tornado damage

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RICHMOND, Va. (AP) - The U.S. Small Business Administration says businesses and residents affected by the severe storms and tornadoes in February can apply for low-interest disaster loans.

The SBA said in a news release Thursday that businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged real estate, machinery and equipment, inventory and other assets damaged in the Feb. 24 storms.

Homeowners and renters are also eligible for loans.

The declaration covers Appomattox and Essex counties and the adjacent counties of Amherst, Buckingham, Campbell, Caroline, Charlotte, King and Queen, King George, Middlesex, Nelson, Prince Edward, Richmond, and Westmoreland.

Residents can apply online at https://disasterloan.sba.gov/ela

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