08/14/2024 | Press release | Distributed by Public on 08/14/2024 18:11
SACRAMENTO, Calif. - Today, the SBA announced that it has approved more than $400 million in federal disaster loans for Hawaiibusinesses and residents impacted by Hawaii wildfires, including high winds. Since the wildfires began a little over one year ago, the SBA has approved $154,799,100 for businesses and $246,523,000 for residents to help rebuild and recover from this disaster.
These low-interest disaster loans are available in Hawaii, Honolulu, Kalawao, Kauai and Maui counties in Hawaii.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. "Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage," said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.
"SBA's disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible," Sánchez continued.
SBA customer service representatives will continue to be on hand at the following centers to answer questions about SBA's disaster loan program, explain the application process and help each individual complete their loan application. The centers will be open on the days and times indicated. No appointment is necessary.
MAUI COUNTY
Business Recovery Center
Business Resource and Assessment Center
Hawaii Technology Development Corp.
Maui Research Tech Center (MRTC)
Building #A, Ste. 119 (Conference Room)
590 Lipoa Parkway
Kihei, HI 96753
Mondays - Fridays, 8 a.m. - 5 p.m.
MAUI COUNTY
Maui Office of Recovery-West
Lahaina Gateway, Unit 102-B
(Near Ace Hardware)
325 Keawe Street
Lahaina, HI 96761
Mondays - Fridays, 8 a.m. - 12:30 p.m.;
1:30 p.m. - 4:30 p.m.
Applicants now need to provide a written justification for physical disaster loans; however, EIDL applicants will not need to provide a written justification through November 9.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 18 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at https://www.sba.gov/hawaii-wildfires. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Link to recovery centers can be found here and at: https://lending.sba.gov/search-disaster/?disaster=HI-00073.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov/hawaii-wildfires.