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Today, the SBA announced that it has approved more than $300 million in federal disaster loans for Hawaii businesses and residents impacted by the Hawaii wildfires, including high winds. Since the wildfires began last August, the SBA has approved $105,784,100 for businesses and $194,704,100 for residents to help rebuild and recover from this disaster.
SBA Office of Disaster Recovery and Resilience Associate Administrator Francisco Sánchez Jr., also reminds Hawaii small businesses of the May 10, 2024, deadline to apply for an SBA federal disaster loan for economic injury. 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,” Sánchez said.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” Sánchez continued. SBA will continue to accept late applications from businesses and residents in Maui County who sustained damages for property damage through June 11. “Don’t miss out on any assistance you may be entitled to by not applying for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” he added.
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.
HONOLULU COUNTY
Business Recovery Center
Hawaii Foreign-Trade Zone No. 9
521 Ala Moana Blvd., Ste. #201, Pier 2
Honolulu, HI 96813
Mondays – Fridays, 9 a.m. – 6 p.m.
MAUI COUNTY
Council for Native Hawaiian Advancement
70 E. Kaahumanu Ave.
Kahului, HI 96732
Mondays – Fridays, 8 a.m. – 6 p.m.
Business Recovery Center
Hawaii Technology Development Corp.
Maui Research Technology Center (MRTC)
Building #A, Ste. 119 (Conference Rm.)
590 Lipoa Parkway
Kihei, HI 96753
Mondays – Fridays, 8 a.m. – 5 p.m.
Business Resource Assessment Center
Hawaii Technology Development Corp.
Maui Research Technology Center (MRTC)
Building #A, Ste. 202
590 Lipoa Parkway
Kihei, HI 96753
Mondays – Fridays, 8 a.m. – 5 p.m.
Disaster Recovery Center
Lahaina Civic Center
1840 Honoapiilani Hwy (HI-30)
Lahaina, HI 96761
Mondays – Fridays, 8 a.m. – 4 p.m.
Saturdays, 8 a.m. – 2 p.m.
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 disastercustomerservice@sba.gov 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.
The deadline to apply for economic injury is May 10, 2024. SBA will continue to accept late applications for property damage through June 11, 2024. Link to recovery centers can be found here.
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.
Maui Nui Strong is a program of the County of Maui Office of Economic Development that connects our residents, businesses, and visitors to useful information about Maui County, our diverse islands, and a variety of resources that help to promote thriving and vibrant communities.
