East Hawaii News

SBA Makes Disaster Loans Available After Iselle’s Impact

October 22, 2014, 5:30 PM HST
* Updated October 22, 5:33 PM
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The United States Small Business Administration has announced that it will offer low-interest federal disaster loans to residents and business owners that were impacted by Tropical Storm Iselle.

The SBA says it is acting on its own to declare Hawai’i County a disaster area, over two months after Iselle knocked out power, toppled trees, and caused damage to many different portions of the island. An appeal was made by the state for a major disaster declaration, but it was denied on Oct. 16.

“The U. S. Small Business Administration is strongly committed to providing Hawai’i with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said SBA Administrator Maria Contreras-Sweet. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

A Disaster Loan Outreach Center was opened at 11 a.m. Wednesday at the Pahoa Community Center. It will open on weekdays from 8 a.m. to 4 p.m. The center will close on Nov. 4 at 4 p.m.

The application deadline for those that suffered physical damage is Dec. 22. Filings due to economic hardship must be turned in by July 22, 2015.

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There are three ways to apply for assistance from the SBA. Affected individuals and business owners may apply online at the SBA’s Disaster Loan website, apply in person at the Disaster Loan Center, or mail in forms to the following address: 14925 Kingsport Rd., Ft. Worth, TX 76155-2243.

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According to the SBA, homeowners and renters can apply to borrow up to $40,000 to replace personal items. Homeowners can borrow up to $200,000 to fix or replace their residence. Businesses are eligible to borrow up to $2 million to cover property damage or economic hardship.

Additional funding may be available to businesses and homeowners to make improvements that aim to prevent future damage from a similar type of incident.

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