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The Maui News
The U.S. Small Business Administration has approved nearly $40 million in federal disaster loans for Hawaii business owners and residents impacted by the Aug. 8 wildfires, SBA Administrator Isabella Casillas Guzman announced Thursday.
The SBA, through its Disaster Field Operations Center-West, has approved nearly $8 million for businesses and more than $30 million for homeowners and renters to help rebuild and recover after the fires, according to a news release.
"We know the fires have been devastating and are committed to being on the ground as long as it takes to support the people of Hawaii as they recover and build back stronger," Guzman said.
The SBA's Disaster Field Operations Center-West also announced that it would open a Portable Loan Outreach Center in Lahaina starting today.
Customer service representatives will be on hand to assist business owners, homeowners and renters with questions about the SBA Disaster Loan Program and the application process, as well as assist with starting an application.
The center will be open at Maui Resorts Rentals at 30 Halawai Dr. in Lahaina from 9 a.m. to 5 p.m. Monday through Saturday. No appointment is necessary.
SBA also provides one-on-one assistance at the federal/state Disaster Recovery Center, which is located at the Mayor Hannibal Tavares Community Center in Pukalani, and at the Business Recovery Center, located at the Maui Research Technology Center in Kihei.
Businesses of all sizes and private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets. The SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. The deadline to apply for property damage is Oct. 10.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits, the SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is May 10, 2024.
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 nonprofits 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 12 months from the date of the first disbursement.
Applicants may apply online, receive additional disaster assistance information and download applications at www.sba.gov/hawaii-wild
fires. They may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomer
service@sba.gov. People who are deaf, hard of hearing or have a speech disability should dial 711 to access telecommunications relay services.
Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.