Disaster Loan Outreach Center to open in South Kona to help businesses, private nonprofits, residents following May quake
The U.S. Small Business Administration will be opening a Disaster Loan Outreach Center in Hawai‘i County to help businesses, private nonprofit organizations and residents affected by the earthquake that occurred on May 22.
Beginning Monday, Nov. 2, the Community Resource Center in Captain Cook, also known as Yano Hall, will be converted into a Disaster Loan Outreach Center. Customer service representatives will be present to answer questions and assist with the disaster loan application process.
Walk-ins are welcome, and in-person appointments can be scheduled in advance at appointment.sba.gov.
Yano Hall, located at 82-6156 Māmalahoa Highway, will be open Monday through Friday from 9 a.m. to 4:30 p.m. The outreach center will be closed on Nov. 11 for Veterans Day.
“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. “At these centers, our specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”
The outreach center will permanently close on Nov. 24 at 4:30 p.m.
The following location is also open and continues to serve survivors:
Disaster Loan Outreach Center at Hanama Place, located at 75-5706 Kuakini Highway Ste. 101 in Kailua-Kona.
The Kona location will be open Monday through Friday from 9 a.m. to 6 p.m., and closed on Veterans Day.
Businesses and nonprofits are eligible to apply for physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against earthquake damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
The SBA’s Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, and private nonprofit organizations — including faith-based organizations — with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
Economic Injury Disaster Loans are for working capital needs caused by the disaster and are available even if the business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could not be paid due to the disaster.
Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement.
The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.gov for more information about disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 711 to access telecommunications relay services.
