Trending
The Maui News
Businesses, residents and private nonprofits on Maui who suffered damages due to high winds that began on Aug. 8 can now seek low-interest federal disaster loans after the U.S. Small Business Administration amended the Maui wildfires disaster declarations.
As of Oct. 25, SBA had served 7,986 visitors at disaster assistance facilities statewide, according to a news release Tuesday. The agency has also approved 821 loans for homeowners and renters for close to $141 million, 398 business loans for just under $59 million and 1,219 disaster assistance loans for almost $200 million.
Businesses of all sizes and private nonprofits 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 businesses and homeowners to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits of any size, SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Disaster loans up to $500,000 also 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 are 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 the 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. The SBA's disaster loan repayment begins 12 months from the date of the first disbursement.
The deadline to apply for property damage is Thursday. The deadline to apply for economic injury is May 10.
For more information or to apply, visit SBA.gov/disaster or contact the SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Those who are deaf, hard of hearing or have a speech disability can dial 711 to access telecommunciations relay services.
Completed applications should be mailed to the SBA Processing and Disbursement Center at 14925 Kingsport Road, Fort Worth, TX 76155.