SBA Tops $10 Million in Disaster Assistance Loans
Director Tanya N. Garfield of the U.S. Small Business Administration’s (SBA) Disaster Field Operations Center-West stated that SBA has approved $10.2 million in federal disaster loans for Hawai‘i businesses and residents impacted by Kīlauea volcanic eruption and earthquakes that began on May 3, 2018. According to Garfield, SBA has approved $989,500 for businesses and $9,211,900 for residents to help rebuild and recover from this disaster.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield. Businesses and residents who sustained damages are encouraged to register prior to the Aug. 13, 2018, deadline with the Federal Emergency Management Agency online. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” she added.
SBA continues to provide one-on-one assistance to disaster loan applicants at the following location on the days and times indicated. No appointment is necessary.
The Disaster Recovery Center is located at Kea‘au High School, Gymnasium Building 1, 16-725 Kea‘au-Pāhoa Road and is open Mondays through Friday 8 a.m. to 6 p.m. and Saturdays and Sundays 8 a.m. to 4 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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
These low-interest federal disaster loans are available in Hawai‘i County.
Applicants may apply online, receive additional disaster assistance information and download applications online. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Aug. 13, 2018. The deadline to apply for economic injury is March 14, 2019.