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Businesses impacted by drought can apply for loans

The Maui News

Small nonfarm businesses in Maui and Kalawao counties that have been impacted by recent drought are eligible to apply for low-interest federal disaster loans, the U.S. Small Business Administration announced Tuesday.

The loans aim to offset economic losses due to reduced revenues caused by drought that began on March 15, a news release said.

Businesses may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

The loans carry an interest rate of 2.94 percent for business and 1.875 percent for private nonprofit organizations, with a maximum term of 30 years.

The deadline to apply is Jan. 6, 2023.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov.

They may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.

For people who are deaf, hard of hearing, or have a speech disability, dial 711 to access telecommunications relay services.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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