US SBA offers low-interest federal disaster loans to people affected by December storm

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Low-interest Federal Disaster Loans are available for Hawaii businesses and residents affected by severe storms, flooding and landslides from Dec. 5-10, 2021. The announcement was made by Isabella Casillas Guzman of the US Small Business Administration.

December 2021 Kona Low storm. Hawaiian Electric crews in Maui carried out repairs in various neighborhoods on the island to several storm-damaged and downed poles and numerous stretches of downed lines that supply power to individual homes. PC: Hawaiian Electric.

The SBA acted under its own authority to declare a disaster in response to a request the SBA received from Governor David Ige on January 26, 2022. The disaster declaration makes SBA assistance available in the city and county of ‘Honolulu, Maui and the contiguous county of Kalawao.

“SBA’s mission-focused team is ready to help small businesses and Hawaii residents impacted by severe storms, flooding and landslides,” Administrator Guzman said. “We are committed to providing federal disaster loans quickly and efficiently, with a client-centric approach to help businesses and communities recover and rebuild.”

“Federal low-interest disaster loans are available to businesses of all sizes, most private non-profit organizations, homeowners and renters whose property was damaged or destroyed by this disaster” said SBA Director Tanya N. Garfield of the US Small Business Administration’s Disaster Field Operations. Midwest.

In light of public health concerns due to the coronavirus pandemic, on Monday, January 31, the SBA will set up a virtual business recovery center to provide personalized assistance to business owners. In addition, the SBA will also open a virtual Disaster Loan Awareness Center to help homeowners and renters.

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Customer service representatives will be available to business owners and individuals to answer questions about the SBA disaster loan program, explain the application process, and help each person complete their electronic loan application. .

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The Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center are available Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time. The FOCW can be contacted by e-mail at [email protected] or by phone at 800-659-2955.

Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other assets.

The SBA can also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize the same type of disaster damage in the future.

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For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers economic disaster loans to help meet the capital needs of turnover caused by the disaster. Economic loss assistance is available whether or not the business has suffered property damage.

Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Landlords and tenants can receive up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.83% for businesses, 1.875% for private nonprofits, and 1.438% for homeowners and tenants with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.

Applicants can apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA disaster assistance. People who are deaf or hard of hearing can call 800-877-8339.

Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155, 2022.

A Maui Small Business Development Center is located at the Maui Research & Technology Center, 590 Lipoa Parkway, Suite 264, Kīhei, Hawaiʻi 96753. The center’s phone number is 808-875-5990.

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