Deadline to Apply for SBA Working Capital Loans is May 10
On April 9, 2024 the SBA announced that it has approved more than $300 million in federal disaster loans for Hawai‘i businesses and residents impacted by the Hawai‘i 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 Hawai‘i 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 Hawai‘i, Honolulu, Kalawao, Kaua‘i and Maui counties in Hawai‘i.
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. The centers will be open on the days and times indicated. No appointment is necessary.
May 10, 2024 is the deadline to apply for an SBA federal disaster loan for economic injury. These low-interest disaster loans are available in Hawai‘i, Honolulu, Kalawao, Kaua‘i and Maui counties in Hawai‘i.
Economic Injury Disaster Loans are available to businesses and private non-profit organizations to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
No one is obligated to accept an approved loan.
SBA customer service representatives are available at the following locations to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.
Disaster Recovery Center
Lahaina Civic Center
1840 Honoapiilani Hwy (HI-30)
Lahaina, HI 96761
Mondays – Fridays
8:00 am – 4:00 pm
Saturdays
8:00 am – 2:00 pm
Kako’o Maui Relief & Aid Services
Council for Native Hawaiian Advancement (CNHA)
70 E Kaahumanu Avenue
Kahului, HI 96732
Mondays – Fridays
8:00 am – 6:00 pm
Business Resource Assessment Center
Maui Research Technology Center (MRTC)
Building #A, Suite 202
590 Lipoa Parkway
Kihei, HI 96753
Mondays – Fridays
8:00 am – 5:00 pm
Business Recovery Center
Maui Research Technology Center (MRTC)
Building #A, Suite 119 (Conference Rm.)
590 Lipoa Parkway
Kihei, HI 96753
Mondays – Fridays
8:00 am – 5:00 pm
Business Recovery Center
Hawai‘i Foreign-Trade Zone No. 9
521 Ala Moana Blvd., Ste. #201, Pier 2
Honolulu, HI 96813
Mondays – Fridays, 9 a.m. – 6 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.
How to apply:
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 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.